Shareholders

DEFEX, S.A.is a public company which is 51% owned by the Sociedad Estatal de Participaciones Industriales (SEPI), which in turn is subordinate to the Ministry of Inland Revenue and Public Administrations (Ministerio de Hacienda y Administraciones Públicas).

The remaining 49% of DEFEX,S.A. shares belong to the following private companies:

COMPANIES PARTICIPACION
EXPLOSIVOS ALAVESES S.A 10,888%
MAXAM CORP HOLDING ASSET & SERVICES, S.L. 10,888%
INSTALAZA S.A. 10,888%
SOCIEDAD ANÓNIMA PLACENCIA DE LAS ARMAS 8,167%
ALFA LAN S.A 8,167%