AMENDMENT AGREEMENT TO A REFINANCING MASTER AGREEMENT AND RATIFICATION OF A GUARANTEE AND SECURITY AGREEMENT In Madrid, on 29 July 2010 BETWEEN

Exhibit 10.03

AMENDMENT AGREEMENT TO A REFINANCING MASTER AGREEMENT AND RATIFICATION OF A GUARANTEE AND SECURITY AGREEMENT

In Madrid, on 29 July 2010

BETWEEN

(I) OF THE ONE PART:

BANCA MARCH, S.A., with registered offices at Palma, Xxxxxxx Xxxxxxxxx Xxxxxxx 0, and Spanish Tax Identity Number A-07004021 (hereinafter, “Banca March”), represented by Xx. Xxxxxxx Xxxxxxx Mayoral with Spanish Identity Card number 51.385.238-H and Mr. Xxxxxx Xxxxxxx Masa with Spanish Identity Card number 50.149.879-N, both duly empowered for these purposes.

BANCO BILBAO VIZCAYA ARGENTARIA, S.A., with registered offices at Xxxxxx, Xxxxx xx Xxx Xxxxxxx 0, and Spanish Tax Identity Number A-48265169 (hereinafter, “BBVA”), represented by Xx. Xxxxx Xxxxxx xx Xxxxxx Xxxxxxxx with Spanish Identity Card number 5.250.487-R and Xx. Xxxxxx Xxxxxx-Xxxxxx Xxxxxxxx with Spanish Identity Card number 51.410.186-B, both duly empowered for these purposes.

BANCO BIZKAIA KUTXA, AURREZKI KUTXA ETA BAHITETXEA,with registered offices at Bilbao, Gran Vía 30, and Spanish Tax Identity Number G-48412720 (hereinafter, “BBK”), represented by Mr. Xxxxxx Xxxxxx Asensio with Spanish Identity Card number 2.088.033-R and Ms. Victoria Xxxxxxx Xxxxx Xxxxxx with Spanish Identity Card number 11.854.286-V, both duly empowered for these purposes.

BANCO BPI, S.A., SUCURSAL EN ESPAÑA, with registered offices at Xxxxxx, Xxxxx xx xx Xxxxxxxxxx 00, Bis, and Spanish Tax Identity Number A-0401036I (hereinafter, “BPI”), represented by Xx. Xxxxxx de Xxxxx Xxxx Xxxx with Spanish Identity Card number 50.815.067-V and Xx. Xxxxxxx Xxxxx Xxxxx with Spanish Identity Card number 50.036.424-Q, both duly empowered for these purposes.

BANCO CAIXA GERAL, S.A., with registered offices at Xxxxxx, xxxxx Xxxxxxxxx Xxxx, 0, and Spanish Tax Identity Number A-28226157 (hereinafter, “Caixa Geral”), represented by Xx. Xxxxxx Xxxxx Xxxxxx Xxxx with Spanish Identity Card number 51.958.230-B and Mr. Francisco Xxxxxx Xxxxxx Xxxxxxx with Spanish Identity Card number 50.411.292-F, both duly empowered for these purposes.

BANCO COOPERATIVO ESPAÑOL, S.A., with registered offices in Madrid, calle Virgen de los Peligros 4-6, and Spanish Tax Identity Number A-79496055 (hereinafter, “Banco Cooperativo”), represented by Xx. Xxxxxxx Xxxxxxxx Xxxxxxxxx-Xxxxxx, with Spanish Identity Card number 50.300.773-A, and Xx. Xxxxx Xxxxx Xxxxxxxxx Xxxxx, with Spanish Identity Card number 2.634.844-X, both duly empowered for these purposes.

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BANCO DE SABADELL, S.A., with registered offices at calle XX xx Xxxx Xxx 00, Xxxxxxxx, Xxxxxxxxx, and Spanish Tax Identity Number A-28226157 (hereinafter, “Sabadell”), represented by Ms. Xxxxx Ángeles Fosar Mico with Spanish Identity Card number 50.824.616-K and Mr. Francisco Xxxxxx Xxxxxxxx Moñux with Spanish Identity Card number 50.947.033-D, both duly empowered for these purposes.

BANCO ESPAÑOL DE CRÉDITO, S.A, with registered offices at Madrid, Avenida Gran Vía de Hortaleza n.º 3, and Spanish Tax Identity Number A-28000032 (hereinafter, “Banesto”), represented by Xx. Xxxxx Xxxxxxxx Linaza with Spanish Identity Card number 78.880.194-S and Xx. Xxxx Xxxxxx Xxxxxxxxx Xxxxxxx with Spanish Identity Card number 50.304.905-H, both duly empowered for these purposes.

BANCO ESPIRITO SANTO, S.A., Sucursal en España with registered offices Xxxxx Xxxxxxx 00, 00000, Xxxxxx, and Spanish Tax Identity Number N0102800J (hereinafter, “Espirito Santo”), represented by Xx. Xxxxxx Xxxxxxx Xxxxxx-Loygorri Xxxxxx- Xxxxxxxx with Spanish Identity Card number 01.175.887-N and Xx. Xxxxxx Xxxxx Xxxxx Xxxxxx with Spanish Identity Card number 02.652.808-B, both duly empowered for these purposes.

BANCO ITAÚ EUROPA, S.A. — LONDON BRANCH with registered offices 00 Xxxxxxxx Xxxxxx, 0xx xxxxx, Xxxxxx XX0X 0XX , and registered with the Register of Companies for England and Wales under number FCO24329 (hereinafter, “Banco Itáu Europa”), represented by Xx. Xxxxxx Xxxxxxx Xxxxxxx with Spanish Identity Card number 24.271.916-Q, duly empowered for these purposes.

BANCA MONTE DEI PASCHI DI SIENA SpA, SUCURSAL EN LONDRES, with registered offices in London (UK) 00 Xxxx Xxxxxxx Xxxxxx, planta 6 (hereinafter, “Monte dei Paschi”), represented by Mr. Francisco Xxxxxx Xxxxx Xxxxxxxx, with Spanish Identity Card number 02.531.784-J, and Mr. Xxxx Xxxx, with Passport number 704.930.986, both duly empowered for these purposes.

BANCO PASTOR, S.A., with registered offices at La Coruña, cantón pequeño 1-3, Spanish Tax Identity Number A-15000128 (hereinafter, “Banco Pastor”), represented by Xx. Xxxxx Xxxxxxx Xxxxxx, with Spanish Identity Card number 33.525.540-G, duly empowered for these purposes.

BANCO POPULAR ESPAÑOL S.A., with registered offices xxxxx Xxxxxxxxx, 00, 00000 Xxxxxx, and Spanish Tax Identity Number A-28000727 (hereinafter, “Banco Popular”), represented by Xx. Xxx Xxxxxxx Ares with Spanish Identity Card number 71.125.788-J and Xx. Xxxxxxx Xxxx Xxxxxxx Xxxxxxx with Spanish Identity Card number 43.128.691-B, both duly empowered for these purposes.

BANCO SANTANDER, S.A., with registered offices at Santander, Paseo xx Xxxxxx 9-12, and Spanish Tax Identity Number A-39000013 (hereinafter, “Santander”), represented by Xx. Xxxx Xxxxxxx Xxxxxxxxx with Spanish Identity Card number 7.227.353-V and Xx. Xxxxxx Xxxxxxxx de Xxxxxx with Spanish Identity Card number 52.477.632-G, both duly empowered for these purposes.

BANK AUDI SARADAR FRANCE, with registered offices at 00, Xxxxxx xxx Xxxxxx-Xxxxxxx, Xxxxx and registered under number B 315766176 in the commercial register of paris (hereinafter, “Audi”), represented by Mr. Francisco Xxxxxx Xxxxx Xxxxxxxx with Spanish

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

BANKINTER, S.A. with registered offices at Xxxxx xx xx Xxxxxxxxxx, 00, Xxxxxx and Spanish Tax Identity number A-28157360 (hereinafter, “Bankinter”), represented by Xx. Xxxx Xxxxxx Ochoarrearte Xxxxxxxxxx with Spanish identity Card Number 27.336.203-J and Mr. Xxxxx de las Xxxx Capa with Spanish Identity Card Number 2.491.775-R, both duly empowered for these purposes.

BANKOA, S.A., with registered offices at xxxxx xxxxxxxx xx xxxxxxx 00 and spanish tax identity number A-20043717 (hereinafter, “Bankoa”), represented by Xx. Xxxxxxxxx Xxxxxxx Riaza with Spanish Identity Card Number 50.786.085-S and Xx. Xxxxx Xxxx Xxxxxxxxx-Xxxxxx Oyón with Spanish Identity Card number 16.551.373-K, both duly empowered for these purposes.

BNP PARIBAS, SUCURSAL EN ESPAÑA, with registered offices at Madrid, Ribera del Loira nº 28, and Spanish Tax Identity Number A-0011117-I (hereinafter, “BNP Spain”), represented by Xx. Xxxxxx Xxxx Xxxxxx with Spanish Identity Card number 25.084.965-S and Xx. Xxxxxx Xxxxxxxxxxx Xxxxx with Spanish Identity Card number 50.303.379-X, both duly empowered for these purposes.

CAIXA BANCO DE INVESTIMENTO, S.A. SUCURSAL FINANCEIRA EXTERIOR, with registered offices at Rua Barata Salgueiro, number 33, Lisbon and Tax Identity Number 501898417, registered in the Lisbon Comercial Registry (hereinafter, “Caixa BI”), represented by Xx. Xxxxx Xxxxxxx Xxxxxxx with Spanish Identity Card number 30.207.134-S and Ms. Xxx Xxxxxx Lareu with Spanish Identity Card number 02.624.612-J, both duly empowered for these purposes.

CAIXA DE AFORROS DE VIGO, OURENSE Y PONTEVEDRA, with registered offices in Xxxxxxx Xxxxxx Xxxxxx, 0 xxx 0, 00000 Xxxx and Spanish Tax Identity Number G-36600369 (hereinafter, “Caixanova”) represented by Ms. Arancha Xxxxxxx Xxxxx with Spanish Identity Card number 44.446.276-H, duly empowered for these purposes.

CAIXA DE AHORROS XX XXXXXXX, with registered offices in e la Coruña, Xxx Xxxxx, 00-00 Xxxxxxx Tax Identity Number G-15028947 (hereinafter, “Caixa Galicia”), represented by Xx. Xxxxxx Xxxxxxxx Cachaza with Spanish Identity Card number 32.756.081-X, duly empowered for these purposes.

CAIXA D’ESTALVIS I PENSIONS DE BARCELONA (CAJA DE AHORROS Y PENSIONES DE BARCELONA) with registered offices at Barcelona, Avenida Diagonal número 621-629 and Spanish Tax Identity Number G-58.899.998 (hereinafter, “la Caixa”) represented by Xx. Xxxxxx xx Xxxxxx Halcón with Spanish Identity Card number 27.312.996-J and Mr. Xxxxx Xxxxxxx Bargos with Spanish Identity Card number 00.837.908-H, both duly empowered for these purposes.

CAJA DE AHORROS DE ASTURIAS, with registered offices in Xxxxxx, Xxxxx xx xx Xxxxxxxxxxx, xxxxxx 0 and Spanish Tax Identity Number G-33001884 (hereinafter, “Caja Asturias”), represented by Xx. Xxxxxx Xxxxxxx Xxxxxxx with Spanish Identity Card number 50.697.840-K, duly empowered for these purposes.

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CAJA DE AHORROS XX XXXXXXXX, XXXXXXXXX Y ALICANTE (BANCAJA), with registered offices at xxxxx Xxxxxxxxxx, xxxxxx 0, Xxxxxxxxx with Spanish Tax Identity Number G-46002804 (hereinafter, “Bancaja”), represented by Xx. Xxxx Xxxxxx Xxxxx Xxxxx with Spanish Identity Card number 45.423.027-M, duly empowered for these purposes.

CAJA DE AHORROS DE VITORIA Y ÁLAVA, with registered offices at calle Xxxxx xx xx Xxxxxxxx xxxxxx 0 with Spanish Tax Identity Number G-01104256 (hereinafter, “Caja Vital”), represented by Xx. Xxxx Xxxxx Xxxxxxxx Xxxxxx with Spanish Identity Card number 1.398.423-T, duly empowered for these purposes.

CAJA DE AHORROS DEL MEDITERRÁNEO, with registered offices in Alicante, calle San Xxxxxxxx 40, with Spanish Tax Identity Number G-03046562 (hereinafter, “CAM”), represented by Xx. Xxxxxxx Xxxxxxx Xxxxxxxxxx, with Spanish Identity Card number 05.380.719-F, duly empowered for these purposes.

CAJA DE AHORROS Y MONTE DE XXXXXX XX XXXXXX with registered offices at Madrid, Plaza de Celenque nº 2 and Spanish Tax Identity Number G-28029007 (hereinafter, “Caja Madrid”), represented by Mr. Francisco Xxxxxx Xxxxxxxxx-Xxxxxx Xxxxx-Xxxxxx with Spanish Identity Card number 50.298.754-P and Xx. Xxxx Xxxx Xxxxxx Xxxxx with Spanish Identity Card number 821.184-S, both duly empowered for these purposes.

CAJA DE AHORROS Y MONTE DE XXXXXX XX XXXXXXX with registered offices at Xxxxxxx, Xxxxxxx xx Xxxxxxxxx Xxxxxxx, 0 and Spanish Tax Identity Number G-40000192 (hereinafter, “Caja Xxxxxxx”), represented by Xx. Xxxxxxx Xxxxxx Xxxxxx with Spanish Identity Card number 5.347.871-A, duly empowered for these purposes

CAJA DE AHORROS Y MONTE DE XXXXXX XX XXXXXXXX, XXXXXX Y RIOJA (IBERCAJA) with registered offices at Zaragoza Plaza de Xxxxxxx Xxxxxxx number 2 and Spanish Tax Identity Number G-50000652 (hereinafter, “Ibercaja ”), represented by Xx. Xxxxxxx Xxxxx Criado with Spanish Identity Card number 50.300.392-J, duly empowered for these purposes.

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, SUCURSAL EN ESPAÑA with registered offices at Xxxxx xx xx Xxxxxxxxxx 0, Xxxxxx 00000 and Spanish Tax Identity Number A-00110043-G (hereinafter, “Calyon”), represented by Xx. Xxxxxx Xxxxxxxxxxx Aranzana with Spanish Identity Card number 13.164.280-T and Xx. Xxxxx Xxxx Xxxxxxx with Spanish Identity Card number 5.411.775-J, both duly empowered for these purposes.

CITIBANK INTERNATIONAL PLC, SPANISH BRANCH, with registered offices at Spain, calle Xxxx Xxxxxx y Gasset, 29, Edificio Xxxxxxx and Spanish Tax Identity Number N0066134H (hereinafter, “Citibank”), represented by Xx. Xxxxx Xxxxx-Xxxxxxx Xxxxxxxxx-Xxxxxxx with Spanish Identity Card number 50.812.595-Y.

COMMERZBANK AKTIENGESELLSCHAFT with registered offices at Spain, Paseo de la Castellana, number 110 and Spanish Tax Identity Number A-0041282E (hereinafter, “Commerzbank”), represented by Xx. Xxxxxx Xxxx of Austrian nationality with Spanish residence card X-2280472-E and Xx. Xxxxxxx Xxxxxxxx Xxxxx with British Passport Number 702.826.963, both duly empowered for these purposes.

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COÖPERATIEVE CENTRALE RAIFEEISEN-BOERENLEENBANK, B.A., SUCURSAL EN ESPAÑA, with registered offices, calle Xxxxxxx 30, Spanish Tax Identity Number F-0031750-C registered Commercial Registry of Madrid (volume 12.663, folio 129, sección 8^a, page M-202798) (hereinafter, “Rabobank”), represented by Mr. Marco Xxxxxxx Xxxxxx Xxxxxx, with Spanish Identity Card number 01.929.126-R, and Xx. Xxxxx Xxxxxxx Xxxxxx-Xxxxxxx, with Spanish Identity Card number 44.431.056-R, both duly empowered for these purposes.

FORTIS BANK, S.A., SUCURSAL EN ESPAÑA, with registered offices at calle Xxxxxxx 73 and Spanish Tax Identity Number A-0021127 (hereinafter, “Fortis”), represented by Xx. Xxxxxxxx Xxxxxx de xx Xxxxxx with Spanish Identity Card number 2.516.247-R and Xx. Xxxxxxx Xxxx Aldeanueva with Spanish Identity Card number 3.101.793-J, both duly empowered for these purposes.

HSBC BANK PLC, SUCURSAL EN ESPAÑA, with registered offices at Madrid, Plaza Xxxxx Xxxx Xxxxxxx s/n, Xxxxx Picasso, 33rd floor, and Spanish Tax Identity Number W-0061401F (hereinafter, “HSBC”), represented by Mr. Francisco Xxxxxx Xxxxx Xxxxxxxx with Spanish Identity Card number 02.531.784-J and Mr. Xxxx Xxxx with British Passport Number 704.930.986, both duly empowered for these purposes.

INSTITUTO DE CRÉDITO OFICIAL, Public Spanish Company with registered offices at Xxxxxx, Xxxxx xxx Xxxxx 0 and Spanish Tax Identity Number Q-28-76002C (hereinafter, “ICO”), represented by Ms. Xxxxxx Xxxxx Xxxxxx with Spanish Identity Card number 50.848.182-N.

XXXXX XX XXXXXX Y CAJA GENERAL DE AHORROS DE BADAJOZ, with registered offices at Badajoz, Xxxxx xx Xxx Xxxxxxxxx, 00 and Spanish Tax Identity Number 32339889A (hereinafter, “Caja Badajoz”), represented by Xx. Xxxxx Xxxxxxxxxx Xxxxxxxx with Spanish Identity Card number 5.269.619-C.

NATIXIS, SUCURSAL EN ESPAÑA with registered offices at Madrid, Paseo de Recoletos 7 y 9 and Spanish Tax Identity Number N-0013055-1 (hereinafter, “Natixis”), represented by Xx. Xxxx Xxxx Xxxxxxx Xxxxxx with Spanish Identity Card number 46.112.737-Z and Xx. Xxxxx Xxxxxxxx Xxxxxxxx with Spanish Identity Card number 405.859-R, both duly empowered for these purposes.

SOCIÉTÉ GÉNÉRALE, S.A., with registered offices in Paris (France), 00 Xxxxxxxxx Xxxxxxxxx registered in Commercial Registry of Paris and France Tax Identity Number 552.120.222 RCS (hereinafter, “SocGen”), represented by Xx. Xxxxxxxx Xxxxxxx Xxxxx xx Xxxxxx, with Spanish Identity Card number 15.896.203-Y, and Mr. Xxxxx Xxxxx Damlaimcourt Xxxxxxx, with Spanish Identity Card number 50.716.456-F, both duly empowered for these purposes.

THE ROYAL BANK OF SCOTLAND, PLC, with registered offices at 00 Xx. Xxxxxx Xxxxxx, Xxxxxxxxx XX00XX and Scotish Tax Identity Number 90312 (hereinafter, “RBS”), duly represented by [ ], both duly empowered for these purposes.

The “Senior Lenders”

(II) OF ANOTHER PART:

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CAIXA D’ESTALVIS I PENSIONS DE BARCELONA (CAJA DE AHORROS Y PENSIONES DE BARCELONA) with registered offices at Barcelona, Avenida Diagonal número 621-629 and Spanish Tax Identity Number G-58899998 (hereinafter, “la Caixa represented by Xx. Xxxxxx xx Xxxxxx Halcón with Spanish Identity Card number 27.312.996-J and Mr. Xxxxx Xxxxxxx Bargos with Spanish Identity Card number 00.837.908-H, both duly empowered for these purposes.

HSBC BANK PLC, with registered offices at Xxxxx 0, Xxxxxx Xxxxxx, Xxxxxx X00 0XX, registered at the Registration Office of Companies of England and Wales under the No. 14259 (hereinafter, “HSBC London”), represented by Mr. Francisco Xxxxxx Xxxxx Xxxxxxxx with Spanish Identity Card number 02.531.784-J and Mr. Xxxx Xxxx with British Passport Number 704.930.986, both duly empowered for these purposes.

HSBC BANK PLC, SUCURSAL EN ESPAÑA, with registered offices at Madrid, Plaza Xxxxx Xxxx Xxxxxxx s/n, Torre Picasso, 33rd floor, and Spanish Tax Identity Number W-0061401F (hereinafter, “HSBC”), represented by Mr. Francisco Xxxxxx Xxxxx Xxxxxxxx with Spanish Identity Card number 02.531.784-J and Mr. Xxxx Xxxx with British Passport Number 704.930.986, both duly empowered for these purposes.

The “Bridge Lenders”

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(III) OF ANOTHER PART:

CAIXA D’ESTALVIS I PENSIONS DE BARCELONA (CAJA DE AHORROS Y PENSIONES DE BARCELONA) with registered offices at Barcelona, Avenida Diagonal número 621-629 and Spanish Tax Identity Number G-58899998 (hereinafter, “la Caixa represented by Xx. Xxxxxx xx Xxxxxx Halcón with Spanish Identity Card number 27.312.996-J and Mr. Xxxxx Xxxxxxx Bargos with Spanish Identity Card number 00.837.908-H, both duly empowered for these purposes.

The “Bilateral Lenders”

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The Senior Lenders, the Bridge Lenders and the Bilateral Lenders will be hereinafter jointly referred to as the “Lenders”.

(IV) OF ANOTHER PART:

CAIXA D’ESTALVIS I PENSIONS DE BARCELONA (CAJA DE AHORROS Y PENSIONES DE BARCELONA) with registered offices at Barcelona, Avenida Diagonal número 621-629 and Spanish Tax Identity Number G-58899998 (hereinafter, “la Caixa represented by Xx. Xxxxxx xx Xxxxxx Halcón with Spanish Identity Card number 27.312.996-J and Mr. Xxxxx Xxxxxxx Bargos with Spanish Identity Card number 00.837.908-H, both duly empowered for these purposes.

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, with registered offices at 0 Xxxx xx Xxxxxxxxx Xxxx Xxxxxx, 0000, Xxxxx La Défense Cedex, and French Tax Identity Number 304 187 701 (hereinafter, “Crédit Agricole”), represented by Xx. Xxxxxx Xxxxxxxxxxx Aranzana with Spanish Identity Card number 13.164.280-T and Xx. Xxxxx Xxxx Xxxxxxx with Spanish Identity Card number 5.411.775-J, both duly empowered for these purposes.

CITIBANK INTERNATIONAL PLC, LONDON BRANCH, with registered offices at London, 00 Xxxxxx Xxxxxx, Xxxxxx Xxxxx, X00 0XX (hereinafter, “Citibank London”), represented by Xx. Xxxxx Xxxxx Cardenal, with Spanish Identity Card number 00.810.653-H.

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The “Hedge Counterparties”

(V) OF ANOTHER PART:

The “Subordinated Lender”

HSBC BANK PLC, SUCURSAL EN ESPAÑA is also acting in this Agreement in its capacity as Agent of the Lenders and the Hedge Counterparties.

The Bilateral Lenders hereby expressly appoint HSBC BANK PLC, SUCURSAL EN ESPAÑA to act as their Agent under this Agreement and under the Guarantee and Security Agreement described below.

(VI) AND OF THE OTHER PART:

PROMOTORA DE INFORMACIONES, S.A., a company duly incorporated under the laws of Spain, with registered offices at Madrid, Gran Vía 32, and Spanish Tax Identity Number A-28.297.059 (hereinafter, “PRISA” or the “Borrower”), duly represented by Xx. Xxxx Xxxx Xxxxxxx Echarri, with Spanish Identity Card number 00.551.854-S, duly empowered for these purposes.

(VII) OF ANOTHER PART:

GRUPO EMPRESARIAL DE MEDIOS IMPRESOS, S.L., a company duly incorporated under the laws of Spain, with registered offices at Xxxxxx, Xxxx Xxx 00,xxx Spanish Tax Identity Number 82.499.856 (hereinafter, “GMI”), duly represented by Xx. Xxxx Xxxxx Xxxxxx Xxxx, with Spanish Identity Card number 22.711.002-C, duly empowered for these purposes.

DIARIO EL XXXX, X.X., a company duly incorporated under the laws of Spain, with registered offices at Madrid, Calle Xxxxxx Xxxxx 40 and Spanish Tax Identity Number B-78.426.046 (hereinafter, “Diario El País”), duly represented by Xx. Xxxx Xxxxx Xxxxxx Xxxx, with Spanish Identity Card number 22.711.002-C, duly empowered for these purposes.

VERTIX, S.G.P.S, S.A., a company duly incorporated under the laws of Portugal, with registered offices at Xxxxxxx xx Xxxxxxxx, 000, Xxxxxxxxx — Oerias, registered with the commercial registry of Cascais with Number 82.499.856 (hereinafter, “Vertix”), duly represented by Xx. Xxxxxx Xxxxxxx Xxxxxx, with Spanish Identity Card number 50.307.639-S, duly empowered for these purposes.

SOCIEDAD DE SERVICIOS RADIOFÓNICOS UNIÓN RADIO, S.L. a company duly incorporated under the laws of Spain, with registered offices at Madrid, Gran Vía 32 nd Spanish Tax

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Identity Number B-80.739.063 (hereinafter, “Unión Radio”). duly represented by Xx. Xxxxxxx Delkader Xxxx, with Spanish Identity Card number 31.183.680-G, duly empowered for these purposes.

The “Guarantors”

PRISA, the Guarantors, the Lenders, the Hedge Counterparties and the Subordinated Lender will be hereinafter jointly referred to as the “Parties”, and individually, as the or one “Party”.

THEY HEREBY DECLARE:

I) That on 19 April 2010 the Parties entered before the Public Notary D. Rodrigo Xxxx Xxxxxxx into a refinancing agreement by which a process for the refinancing of certain debt of Prisa and other companies of the Prisa Group was outlined and certain aspects were agreed between the Parties as to the amendments of several facilities agreements entered into by Prisa and other companies of the Prisa Group with the Lenders (hereinafter, the “Refinancing Master Agreement”).

Terms in capital letters in this document, except otherwise provided, will have the same meaning as in the Refinancing Master Agreement or the Guarantee and Security Agreement, as the case may be.

II) That also on 19 April 2010, and as a consequence of the Parties having entered into the Refinancing Master Agreement, the following contracts were signed before the same Public Notary between the parties below mentioned:

(i) A novation agreement of a syndicated facility agreement relating to the Senior Facility Agreement (the “Novation of the Senior Facility Agreement”) entered into by the Senior Lenders, Prisa, the Guarantors, Sogecable and Grupo Media Capital S.G.P.S., S.A.

(ii) An amendment agreement to the Bridge Facility Agreement (the “Amendment of the Bridge Facility Agreement”) entered into by the Bridge Lenders and Prisa.

(iii) A Security and Guarantee Release, Ratification and Constitution Agreement (the “Guarantee and Security Agreement” entered into by, among others, Prisa, the Lenders and the Hedge Counterparties.

III) That the Parties agreed in the Refinancing Master Agreement, among other things, (i) the extension and further amendment of the Bridge Facility Agreement; (ii) the amendment of the Senior Facility Agreement and (iii) the extension of the Bilateral Facility Agreements, provided that certain conditions set out in Schedule 2 were met on or before 30 July 2010.

IV) That on 18 July 2010 Prisa sent to the Lenders a letter request (the “Letter Request”) in which Prisa explained that (i) given the further decline of the European and, in particular, Spanish economies after 5 March 2010 (date of the New Equity Investment Documents), with the consequent downfall of the stock markets, together with the appreciation of the US Dollar in relation to the Euro, Prisa and Liberty have been forced to renegotiate the terms and conditions of the New Equity Investment Documents to facilitate the closing of such transaction; and (ii) additionally, and as a consequence, among other circumstances, of the foregoing, Prisa had suffered a delay in the sale of the minority stake

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in Media Capital referred to in Schedule 2 of the Refinancing Master Agreement.

In the Letter Request Prisa asked the Lenders for approval to substitute the date of 30 July 2010 in certain Clauses of the Refinancing Master Agreement with the date of 30 November 2010.

V) That the Lenders, the Hedge Counterparties and the Subordinated Lender have decided to agree to the request of Prisa.

And, therefore, the Parties agree to enter into this AMENDMENT AGREEMENT TO A REFINANCING MASTER AGREEMENT AND TO A GUARANTEE AND SECURITY AGREEMENT (the “Agreement”) pursuant to the following

CLAUSES

FIRST. AMENDMENT TO THE REFINANCING MASTER AGREEMENT

1.0. Recital V of the Refinancing Master Agreement shall be amended by deleting the reference to “20 December 2007” and replacing it with “20 August 2003, as amended from time to time”.

1.1. Clause 2.1. of the Refinancing Master Agreement “Disposal of a minority interest in Media Capital” shall be amended by deleting the reference to “31 December 2010” and replacing it with “30 November 2010”.

1.2. Clause 4.4.1 (i) (iii) of the Refinancing Master Agreement shall be amended by deleting the reference to “30 July 2010” and replacing it with “30 November 2010”.

1.3. Clause 5.1 of the Refinancing Master Agreement “Interim Bridge Facility Maturity Date Extension” shall be amended by deleting the reference to “30 July 2010” and replacing it with “30 November 2010”

Clause 5.2 of the Refinancing Master Agreement “Final Bridge Facility Maturity Extension” shall be amended by deleting the reference to “30 July 2010” and replacing it with “30 November 2010”.

1.4. Clause 6 of the Refinancing Master Agreement “Amendment of the Senior Facility Agreement” shall be amended by deleting each reference to “30 July 2010” and replacing it with “30 November 2010”.

1.5. Clause 7.1 of the Refinancing Master Agreement shall be amended by deleting the reference to “30 July 2010” and replacing it with “30 November 2010”.

1.6. Schedule 2 of the Refinancing Master Agreement “Final Conditions Precedent”, paragraph 2, shall be amended by deleting paragraph 2 and replacing it with the following:

“Completion of the Media Capital Disposal and application of proceeds in accordance with Clause 4.1.2”.

SECOND. RATIFICATION OF GUARANTEES AND SECURITY

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PRISA, the Guarantors, and each of the Lenders, Hedge Counterparties and the Subordinated Lender declare the full force and unconditional effectiveness of all of the guarantees (the “Transaction Guarantees”) and all of the pledges and other security (the “Transaction Security”) created pursuant to or ratified by the Guarantee and Security Agreement, in each as from the date of their execution, and, except as may be expressly provided for in this Agreement or in any agreement executed in connection with this Agreement, the terms and conditions of the Transaction Guarantees and the Transaction Security are not amended, modified or affected, and are hereby expressly ratified in full.

Notwithstanding the above, the same parties agree that any references to the Senior Facility Agreement, the Bridge Facility Agreement or the Bilateral Facilities Agreement that are made in any agreements relating to the Transaction Guarantees or Transaction Security shall be deemed to be made to those agreements as amended by this Agreement or by any agreements executed in connection with this Agreement.

Finally, PRISA and the Guarantors do hereby expressly ratify any power of attorney granted in favour of the Agent in respect of any part of the Transaction Guarantees or Transaction Security.

THIRD. EFFECTIVENESS OF THE AMENDMENT

The amendments to the Refinancing Master Agreement set out in Clause FIRST of this Agreement (the “Amendments”) will be effective from the date hereof, and, therefore, the Interim Bridge Facility Maturity Date Extension will be 30 November 2010, provided that the Amendments will cease to be effective upon the occurrence of any of the following circumstances and a notice of such cease of effectiveness being served by the Agent, HSBC Sucursal en España, to Prisa following instructions of the Lenders:

	1)		Prisa or Liberty make any notification or public announcement at any time (including, without limitation, to the Agent, the Lenders, the Comisión Nacional del Xxxxxxx de Valores, the Security and Exchange Commission or any other relevant authority) that negotiations have been terminated (either permanently or temporarily) by either Prisa or Liberty in relation to the revised terms of the Equity Raising.

	2)		A binding agreement has not been signed by Prisa and Liberty on or before 15 September 2010 in relation to the revised terms of the Equity Raising and/or the New Equity Investment Documents (such revised terms to include, without limitation, that on or before 30 November 2010, the Equity Raising shall have been completed and Prisa shall have received net proceeds from the Equity Raising in a minimum amount of € 450,000,000).

	3)		Prisa has not circulated on or before 15 October 2010 an authorisation request to the Lenders in order for the Lenders to consent, and the Lenders have subsequently given their consent to :

(a) the revised terms of the Equity Raising and/or the New Equity Investment Documents as mentioned in paragraph 2) above; and

(b) the amendments to the existing financing documentation (for these purposes, (i) the agreements mentioned in recitals I to XIII of the Master Refinancing Agreement and (ii) the Guarantee and Security Agreement) that will be required in order to implement the revised terms of the Equity Raising and/or the New Equity Investment Documents.

The consent by the Lenders will require unanimity or 85% majority of the Lenders, depending on the scope of the revised terms of the Equity Raising and/or the New Equity Investment Documents and the

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amendments to the existing financing documentation, as per Clause 10.4 of the Refinancing Master Agreement.

Prisa has not received on or prior to 30 November 2010 net proceeds from the Equity Raising in a minimum amount of €450,000,000.

For the purposes of this Agreement, and for the avoidance of doubt, the Parties expressly agree that any reference in the Refinancing Master Agreement to the term “Equity Raising” must be understood as to the Equity Raising as revised according to paragraph 2) of this Clause.

FOURTH. INFORMATION UNDERTAKING

Prisa hereby undertakes to hold monthly conference calls with the Lenders, from the date of this Agreement to the date on which the Equity Raising has been completed, in order to update the Lenders with full details of (i) the status of the Equity Raising (ii) the Digital + competition clearance status (iii) the Media Capital Disposal process and answer any questions, as necessary.

FIFTH. GOVERNING LAW AND JURISDICTION

This Agreement and all non-contractual obligations arising from or connected with it are governed by Spanish law.

The courts of Madrid have exclusive jurisdiction to settle any dispute relating to non-contractual obligations arising from or in connection with this Agreement, or any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement.

SIXTH. RAISING TO PUBLIC STATUS

The Parties commit themselves to raise this Agreement to a public status as of the date hereof.

SEVENTH. MISCELLANEOUS

Except as expressly amended by this Agreement, the Refinancing Master Agreement and the Guarantee and Security Agreement shall continue in full force and effect in accordance with their respective terms.

THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement


PROMOTORA DE INFORMACIONES, S.A.

/s/ Xxxxxxx Xxxxxxxxxx del Barrio

Xxxxxxx Xxxxxxxxxx del Barrio

GRUPO EMPRESARIAL DE MEDIOS IMPRESOS, S.L.

DIARIO EL XXXX, X.X.

/s/ Xxxx Xxxxx Xxxxxx Xxxx

Xxxx Xxxxx Xxxxxx Xxxx

SOCIEDAD DE SERVICIOS RADIOFÓNICOS UNIÓN RADIO, S.L.

/s/ Xxxxxxx Delkader Xxxx

Xxxxxxx Delkader Xxxx

VERTIX, S.G.P.S, S.A.

/s/ Xxxxxx Xxxxxxx Xxxxxx

Xxxxxx Xxxxxxx Xxxxxx

SOGECABLE, S.A.

/s/ Xxxxx Xxxxxx Xxxxxxx

Xxxxx Xxxxxx Xxxxxxx

- 13 -


BANCA MARCH, S.A.

/s/ Xxxxxx Xxxxxxx Xxxxxx

Xxxxxx Xxxxxxx Xxxxxx

/s/ Xxxxxx Xxxxxx de Xxxxxx

Xxxxxx Xxxxxx xx Xxxxxx

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

/s/ Xxxxxx Xxxxxxx Ferrándiz

Xxxxxx Xxxxxxx Ferrándiz

/s/ Xxxxxx Xxxxxx-Xxxxxx Xxxxxxxx

Xxxxxx Xxxxxx-Xxxxxx Xxxxxxxx

BANCO BIZKAIA KUTXA, AURREZKI KUTXA ETA BAHITETXEA

/s/ Xxxxxx Xxxxxx Asensio

Xxxxxx Xxxxxx Xxxxxxx

/s/ Victoria Xxxxxxx Xxxxx Xxxxxx

Xxxxxxxx Xxxxxxx Xxxxx Xxxxxx

- 14 -


BANCO BPI, S.A., SUCURSAL EN ESPAÑA
/s/ Xxxxxx de Xxxxx Xxxx Xxxx

Xxxxxx de Xxxxx Xxxx Xxxx


/s/ Xxxxxxxx Xxxxxxx Xxxxxx

Xxxxxxxx Alcolea Xxxxxx



BANCO CAIXA GERAL, S.A.
/s/ Xxxxxx Xxxxx Yagiles Xxxx

Xxxxxx Angel Yagiles Xxxx


/s/ Francisco Xxxxxx Xxxxxx Xxxxxxx

Xxxxxxxxx Xxxxxx Xxxxxx Xxxxxxx



BANCO COOPERATIVO ESPAÑOL, S.A.
/s/ Xxxxxxx Xxxxxxxx Xxxxxxxxx-Xxxxxx

Xxxxxxx Xxxxxxxx Xxxxxxxxx-Xxxxxx


/s/ Xxxxxx Xxxxxxxxx Mazoy

Xxxxxx Xxxxxxxxx Mazoy

- 15 -


BANCO DE SABADELL, S.A.
/s/ Xxxxx Ángeles Fosar Xxxx

Xxxxx Ángeles Fosar Mico


/s/ Xxxxxxx Xxxxxx Xxxxxxxxx Xxxx

Xxxxxxx Xxxxxx Xxxxxxxxx Xxxx



BANCO ESPAÑOL DE CRÉDITO, S.A.
/s/ Xxxxx Xxxxxxxx Linaza

Xxxxx Xxxxxxxx Linaza


/s/ Xxxx Xxxxxx Xxxxxxxxx Xxxxxxx

Xxxx Xxxxxx Xxxxxxxxx Xxxxxxx



BANCO ESPIRITO SANTO, S.A., Sucursal en España
/s/ Xxxxxx Xxxxxxx Xxxxxx- Loygorri Xxxxxx- Xxxxxxxx

Xxxxxx Xxxxxxx Xxxxxx- Loygorri Xxxxxx- Xxxxxxxx


/s/ Xxxxxx Xxxxx Hicar Xxxxxx

Xxxxxx Xxxxx Xxxxx Xxxxxx

- 16 -


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

/s/ Xxxxxx Xxxxxxx Xxxxxxx

Xxxxxx Xxxxxxx Xxxxxxx

BANCA MONTE DEI PASCHI DI SIENA SpA, SUCURSAL EN LONDRES

/s/ Francisco Xxxxxx Xxxxx Xxxxxxxx

Xxxxxxxxx Xxxxxx Xxxxx Xxxxxxxx

/s/ Xxxx Xxxx

Xxxx Xxxx

BANCO PASTOR, S.A.

/s/ Xxxx Xxxxxx Berral Xxxxxxx

Xxxx Xxxxxx Berral Illanes

/s/ Xxxxx Xxxx de la Xxxx Xxxxxxxxx

Xxxxx Xxxx de la Xxxx Xxxxxxxxx

- 17 -


BANCO POPULAR ESPAÑOL S.A.

/s/ Dña Xxx Xxxxxxx Ares

Dña Xxx Xxxxxxx Ares

/s/ Xxxxxxx Xxxx Xxxxxxx Xxxxxxx

Xxxxxxx Xxxx Xxxxxxx Xxxxxxx

BANCO SANTANDER, S.A.

/s/ Xxxx Xxxxxxx Xxxxxxxxx

Xxxx Xxxxxxx Xxxxxxxxx

/s/ Xxxxxx Xxxxxxxx de Xxxxxx

Xxxxxx Xxxxxxxx de Xxxxxx

BANK AUDI SARADAR FRANCE

/s/ Francisco Xxxxxx Xxxxx Xxxxxxxx

Xxxxxxxxx Xxxxxx Xxxxx Xxxxxxxx

/s/ Xxxx Xxxx

Xxxx Xxxx

- 18 -


BANKINTER, S.A.

/s/ Xxxx Xxxxxx Ochoarrearte Golcoechea

Xxxx Xxxxxx Ochoarrearte Golcoechea

/s/ Xxxxx de las Xxxx Xxxx

Xxxxx de las Xxxx Capa

BANKOA, S.A.

/s/ Francisco-Berdial Riaza

Francisco-Berdial Riaza

/s/ Xxxxx Xxxx Xxxxxxxxx-Xxxxxx Xxxx

Xxxxx Xxxx Xxxxxxxxx-Xxxxxx Oyón

BNP PARIBAS, SUCURSAL EN ESPAÑA

/s/ Xxxxxxx Viudas-Margalef

Xxxxxxx Viudas-Margalef

/s/ Xxxxxx Xxxxxxxxxxx Xxxxx

Xxxxxx Gardeazábal Xxxxx

- 19 -


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

/s/ Xxxx Xxxxxxx Cayolla da Xxxxx

Xxxx Gonçalo Cayolla xx Xxxxx Xxxxxxx xx Xxxxxx

/s/ Xxxxxx Xxxxxxxxx Braz

Xxxxxx Xxxxxxxxx Xxxx

CAIXA DE AFORROS DE VIGO, OURENSE Y PONTEVEDRA

/s/ Xxxxx Xxxxxxx Xxxx Xxxxx

Xxxxx Xxxxxxx Xxxx Xxxxx

CAIXA DE AHORROS XX XXXXXXX

/s/ Xxxxxx Xxxxxxxx Cachaza

Xxxxxx Xxxxxxxx Cachaza

CAIXA D’ESTALVIS 1 PENSIONS DE BARCELONA (CAJA DE AHORROS Y PENSIONES DE BARCELONA)

/s/ Xxxxxx xx Xxxxx Halcón

Xxxxxx xx Xxxxx Halcón

/s/ Xxxxx Xxxxxxx Bargos

Xxxxx Xxxxxxx Bargos

- 20 -


CAJA DE AHORROS DE ASTURIAS

/s/ Xxxx Xxxx Monrió De La Xxxxxx

Xxxx Xxxx Monrió De Xx Xxxxxx

CAJA DE AHORROS XX XXXXXXXX, XXXXXXXXX Y ALICANTE (BANCAJA)

/s/ Xxxx Xxxxxx Xxxxxxx Xxxxx

Xxxx Xxxxxx Xxxxxxx Xxxxx

CAJA DE AHORROS DE VITORIA Y ÁLAVA

/s/ Xxxx Xxxxx Xxxxxxxx Xxxxxx

Xxxx Xxxxx Xxxxxxxx Xxxxxx

XXXX DE AHORROS DEL MEDITERRÁNEO

/s/ Xxxxxxx Cubillio Xxxxxxxxxx

Xxxxxxx Cubillio Xxxxxxxxxx

CAJA DE AHORROS Y MONTE DE XXXXXX XX XXXXXX

/s/ Francisco Xxxxxx Xxxxxxxxx-Xxxxxx Xxxxx-Xxxxxx

Francisco Xxxxxx Xxxxxxxxx-Xxxxxx Xxxxx-Xxxxxx

/s/ Xxxx Xxxx Xxxxxx Xxxxx

Xxxx Xxxx Xxxxxx Xxxxx

- 00 -


XXXX XX XXXXXXX X XXXXX XX XXXXXX XX XXXXXXX

/s/ Xxxxxxx Xxxxxx Xxxxxx

Xxxxxxx Xxxxxx Xxxxxx

CAJA DE AHORROS Y MONTE DE XXXXXX XX XXXXXXXX, XXXXXX Y RIOJA (IBERCAJA)

/s/ Xxxx Xxxxxxx Xxxxx Huerva

Xxxx Xxxxxxx Xxxxx Huerva

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, SUCURSAL EN ESPAÑA

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK

/s/ Xxxxxxx-Xxxxx Xxxxxxx de La Madrid Xxxxxxx

Xxxxxxx-Xxxxx Xxxxxxx de La Madrid Xxxxxxx

/s/ Xxxxxxxx xx Xxxxxx Xxxxxx

Xxxxxxxx de Xxxxxx Xxxxxx

CITIBANK INTERNATIONAL PLC, SUCURSAL EN ESPAÑA

/s/ Xxxxx Xxxxx Xxxxxxx Xxxxxxxxx-Xxxxxxx

Xxxxx Xxxxx Xxxxxxx Xxxxxxxxx-Xxxxxxx

CITIBANK N.A., LONDON BRANCH

/s/ Xxxxx Xxxxx Cardenal

Xxxxx Xxxxx Xxxxxxxx

- 22 -


COMMERZBANK AKTIENGESELLSCHAFT, SUCURSAL EN ESPAÑA

/s/ Xxxx Xxxxx Xxxxxxxxx Xxxxxxxx del Camino

Xxxx Xxxxx Xxxxxxxxx Xxxxxxxx del Camino

/s/ Xxxxxxx Xxxxxxxx Xxxxx

Xxxxxxx Xxxxxxxx Xxxxx

COÖPERATIEVE CENTRALE RAIFEEISEN -BOERENLEENBANK, B.A., SUCURSAL EN ESPAÑA

/s/ Xxxxxx Xxxxx Allo Xxxxx

Xxxxxx Xxxxx Allo Xxxxx


/s/ Marco Xxxxxxx Xxxxxx Xxxxxx

Xxxxx Xxxxxxx Xxxxxx Xxxxxx

FORTIS BANK, S.A., SUCURSAL EN ESPAÑA

/s/ Xxxxxxxx Xxxxxx de xx Xxxxxx

Xxxxxxxx Xxxxxx de xx Xxxxxx


/s/ Xxxxxxx Xxxx Aldeanueva

Xxxxxxx Xxxx Aldeanueva

- 23 -


HSBC BANK PLC HSBC BANK PLC, SUCURSAL EN ESPAÑA

/s/ Francisco Xxxxxx Xxxxx Xxxxxxxx

Xxxxxxxxx Xxxxxx Xxxxx Xxxxxxxx


/s/ Xxxx Xxxx

Xxxx Xxxx



INSTITUTO DE CRÉDITO OFICIAL
/s/ Xxxxxx Xxxxx Xxxxxx

Xxxxxx Xxxxx Xxxxxx



XXXXX DE XXXXXX X XXXX GENERAL DE AHORROS DE BADAJOZ
/s/ Xxxxxx Valdelvira Xxxxxxx

Xxxxxx Valdelvira Xxxxxxx



NATIXIS, SUCURSAL EN ESPAÑA
/s/ Xxxx Xxxx Xxxxxxx Xxxxxx

Xxxx Xxxx Xxxxxxx Xxxxxx


/s/ Xxxxx Xxxxxxxx Xxxxxxxx

Xxxxx Xxxxxxxx Xxxxxxxx

- 24 -


SOCIÉTE GÉNÉRALE, S.A.
/s/ Xxxxxxxx Xxxxxxx Xxxxx xx Xxxxxx

Xxxxxxxx Xxxxxxx Xxxxx xx Xxxxxx


/s/ Xxxx Xxxxxxxxx Xxxxxx Xxxxxx

Xxxx Xxxxxxxxx Xxxxxx Xxxxxx



THE ROYAL BANK OF SCOTLAND, PLC
/s/ Xxxx Xxxxxx Xxxxx

Xxxx Xxxxxx Xxxxx


/s/ Xxxxxxx Xxxxxxxx Xxxxxxxxx

Xxxxxxx Xxxxxxxx Xxxxxxxxx

- 25 -

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AMENDMENT AGREEMENT TO A REFINANCING MASTER AGREEMENT AND RATIFICATION OF A GUARANTEE AND SECURITY AGREEMENT In Madrid, on 29 July 2010 BETWEEN

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