COMMITTEE ON PAYMENT AND SETTLEMENT SYSTEMS INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS DISCLOSURE FRAMEWORK FOR

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1 COMMITTEE ON PAYMENT AND SETTLEMENT SYSTEMS INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS DISCLOSURE FRAMEWORK FOR SCLV PLATFORM JANUARY 2014

2 - 2 - Table of contents Disclosure framework I. Basic information II. III. IV. Rules and procedures of the SSS Relationships with participants Relationships with other SSSs and commercial intermediaries V. Securities transfers, funds transfers and linkages between transfers VI. VII. Default procedures Securities overdrafts, securities lending and back-to-back transactions VIII. Risk control measures IX. Operational risks Glossary

3 - 3 - I. Basic information 1.1 What is the name of the SSS? Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A., commercially known as IBERCLEAR, manages two settlement platforms: CADE for Public Debt and AIAF Fixed Income Market and SCLV for Stock Exchanges and Latibex. The answers to this disclosure framework are referred to SCLV platform 1.2 Where and in which time zone is the SSS located? Plaza de la Lealtad. Madrid (Spain).Time zone: European Central Time. 1.3 What functions does the SSS perform? Does the SSS serve as a securities depository and/or provide securities settlement services? It serves as securities depository and provides securities settlement services What types of instrument are eligible for deposit at the SSS (e.g. debt, equities, warrants, etc.)? IBERCLEAR manages in SCLV platform the register, clearing and settlement of the following securities: Bonds, Equities, Warrants, traded on the Official Stock Exchanges, and Equities and Bonds traded on the Latin-American market in euros (LATIBEX). Other securities included through links What types of instrument are eligible for transfer within the SSS? The above mentioned Please describe whether eligible securities are dematerialised, immobilised or transferred physically. All listed securities are dematerialised. Althought securities traded in LATIBEX and others foreign securities can be backed in titles, the applicable procedures for registering the securities and clearing the transactions are the same as for national securities with independence of whether the foreign securities remain backed by physical certificates or not, according to the legislation of their country of origin.

4 Does the SSS provide safekeeping for physical certificates? No Does the SSS provide cash accounts and/or provide funds transfers in conjunction with securities transfers? If so, in what currencies? SCLV platform does not provide cash accounts, but it does provide funds transfers. All funds transfers are effected in Euros, through the cash accounts that participants maintain at TARGET2-Banco de España Does the SSS provide a trade matching service? Do others provide such services for securities settled at the SSS? IBERCLEAR provides a matching service for the SCLV platform bilateral operations (transfers free of payment and against payment, bilateral lendings, etc ) Does the SSS provide a trade netting service (as distinct from undertaking the settlement of securities transfers on a net basis)? Do others provide such services for securities settled at the SSS? In either case, what types of netting (bilateral or multilateral), if any, are performed? SCLV platform does not provide a trade netting service and, at the moment, no other party provides such a service Does the SSS offer a securities lending or borrowing programme? Yes Does the SSS provide custodial and/or related services such as the collection of interest, dividends, principal or withholding tax reclamations? Which types of service are provided? SCLV platform provides some services, such as to inform its participants about the number of securities held and, consequently, the amount to be paid by the Issuer or the Issuer s paying Agent. Upon request of the Issuer and the Issuer s paying entity the corporate actions can be paid thought the SCLV platform Does the SSS act as a central counterparty or principal to transactions with its participants? No Other? Please specify. 1.4 What type of organisation is the SSS? Please indicate whether the SSS is a public sector or private sector entity. Private sector Company.

5 Please indicate whether the SSS is organised on a for-profit or a nonprofit basis. It is organised on a for profit basis What is the legal basis for the establishment of the SSS and for securities transfers made through it? The legal basis are composed by Article 44 bis of the Securities Market Act 24/1988; Royal Decree 116/1992 governing book entries; and IBERCLEAR s Regulations approved by Ministerial Order ECO/689/2003, of 27 March, and amended by Ministerial Order EHA/2054/2010, of 26 May, and Ministerial Order ECC/680/2013, of 8 April. The rules for representing securities by book entries (dematerialisation) and transferring securities represented by book entry by accounting transfers are laid down in Articles 5 to 12b of the Securities Market Act and Title I of Royal Decree 116/1992. Finality of transfer orders is governed by Law 41/1999, of 12 November, on payment and securities settlement systems. 1.5 Please describe and provide a diagram outlining the organisational and ownership structure of the SSS. A diagram outlining the organisational structure of IBERCLEAR is available in our web page Who are the owners of the SSS? IBERCLEAR is owned by a Holding company Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A What entity or entities operate the SSS? Which functions of the SSS, if any, are outsourced to third parties? IBERCLEAR operates SCLV platform and does not outsource any function to third parties Does the SSS have a Board of Directors? Yes, IBERCLEAR has a Board of Directors What is its composition? IBERCLEAR Board of Directors is composed of 7 members What are its responsibilities? Define the general policy of the company, set up the annual budget, and supervise the day-to-day running of the company.

6 Please describe the financial resources of the SSS Amount of paid-in capital and retained earnings? The institution annual report of BME (holding company of IBERCLEAR) is available on its website Guarantees, insurance coverage or other similar arrangements? The institution maintains a reserve for operating losses, an insurance for operational errors among many other insurances Credit lines or letters of credit? Blocked cash account with the Bank of Spain which it uses to guarantee payments are immediately settled in the event a cash settlement fails. If the account is used, in the last instance, the funds will be repanished by debiting them from the collateral deposited Powers to assess participants or equity holders? According to its legal status, IBERCLEAR has powers to assess to what extend Participants comply with the rules laid down through Reglamento de Organización y Funcionamiento, Releases and Instructions (Circulares and Instrucciones) regarding the way book-entry securities are kept and clearing and settlement are performed. 1.7 Please describe whether the SSS or its operator is subject to authorisation, supervision or oversight by an external authority. IBERCLEAR and SCLV platform is under the supervision of the National Commission of Securities Market (CNMV).

7 - 7 - II. Rules and procedures of the SSS 2.1 Does the SSS maintain a complete list of the rules and procedures governing the rights and obligations of participants and the duties of the SSS? Yes How can participants obtain a copy of the rules and procedures? The rules governing the rights and obligations of participants and the duties of IBERCLEAR are included in the following regulations: -Act 24/1988, of July the 28th (Securities Market Law) -Royal Decree, 116/1992, of February the 14th. -Act 41/1999 of November 12th (Payment and Securities settlement systems) -IBERCLEAR s Regulations approved by Ministerial Order ECO/689/2003, of 27 March, and amended by Ministerial Order EHA/2054/2010, of 26 May, and Ministerial Order ECC/680/2013, of 8 April. -Internal rules: Releases and Instructions. The Releases include rules on the general procedures for clearing and settlement. The Instructions are related to detailed technical aspects. The Releases are published, when passed, in the Stock Exchange Bulletins, in the IBERCLEAR public web page and they are sent to participants entities by e- mail. The Instructions are sent to participant entities by . Adicionally, all these rules are available to participants through the private domain of IBERCLEAR web page. A complete set of these rules is given to the new participants Does other documentation provided to participants (e.g. user guides) have the same status as the rules and procedures? There are no more rules than those referred to in paragraph 1 with the same status. 2.2 Describe the process for changing rules and procedures, including any need for regulatory approval What authority is required, and how does this differ depending on the type of change involved? The change of the Releases or the approval of a new one requires a resolution passed by the Board of Directors of IBERCLEAR. These changes or new rules

8 - 8 - may be made ineffective by the National Commission of Securities Markets (CNMV) if it considers that the regulation included therein is against other rules or against the principles of the market. The changes of the Instructions or the approval of a new one, as they simply refer to technical aspects, only require a resolution passed by IBERCLEAR Chief Executive Officer How are participants notified of changes in rules and procedures? Once the new Release is passed, it is published in the Stock Exchange Bulletins, and is sent to all the participants by . IBERCLEAR regulation is published in the website, and it is all sent to participants by as soon as they are pubhished. In addition to that, new rules and procedures are immediately available through the website Is there a procedure for participants or others to comment on proposed rule changes? Changes can be proposed by IBERCLEAR participants throught the Technical Advisory Committee, in which they are represented. 2.3 Are the rules and procedures binding on the SSS as well as its participants? Under what conditions and on whose authority can written rules and procedures be waived or suspended by the SSS? All the rules and procedures are binding for IBERCLEAR as well as for the participants. It is not foreseen that the rules can be waived or suspended once they have come into effect. Nevertheless, the National Commission of Securities Market (CNMV) could, as it has already been pointed out, suspend the effect of one of IBERCLEAR s rules when it considers that this rule goes against superior rules or the market principles.

9 - 9 - III. Relationships with participants 3.1 Please describe the types of membership offered by the SSS How do the types differ? Brokers who are members of at least one of the Stock Exchanges. Credit Institutions including CECA and Caja General de Depósitos and Brokers who are not members of any of the Stock Exchanges. Foreign or national entities who engage similar activities to those of IBERCLEAR. The Bank of Spain may also be a member Within each membership category, are all participants subject to the same rules and procedures? Please describe important exceptions, including both differences in rules across participants and the rationale for these differences. Yes, All participants are subjected to the same rules and procedures. 3.2 Can participants establish accounts for their customers' assets that are segregated from their own asset accounts at the SSS? Yes, they can If so, is this accomplished through a single omnibus customer account or through a multiplicity of accounts and/or sub-accounts? Customer s accounts of participants are accomplished in SCLV platform through a single third party account Is the segregation optional or compulsory? The Spanish Securities Market Act of 28th July 1988, and the Royal Decree of 16th February 1992, make it compulsory that securities of participants and their clients are segregated Does the fact that a sub-account at the SSS bears the name of a third party give any rights to that third party as a participant under the rules of the system? No. 3.3 Please describe participant requirements for each type of membership.

10 Brokers and Credit Institutions must employ qualified systems and technical resources tested by IBERCLEAR and need the formal approval of the Spanish Supervisory Authority (CNMV). They must appoint a cash account in the central bank to settle the cash leg of transactions and deposit sufficient collateral to ensure settlement Foreign or mational entities who engage simililar activities to those of IBERCLEAR must have the qualified systems and technical resources and sign an agreement that has to be approved by the board of Directors and CNMV. Bank of Spain must communicate to IBERCLEAR and CNMV its intention of becoming a participant entity. It will have such status when Ministerio de Economia y Hacienda approves a specific agreement Are participants required to be domiciled or resident in a particular jurisdiction? The Spanish Securities Market Act has established the conditions under which investment firms and banks can render investment services on the basis of home country authorization and supervision. This enables investment firms and banks to acquire remote membership in Spanish secondary Markets, and thus become IBERCLEAR participants, without having to be established in Spain, when the requirements of Spanish Markets do not include physical presence in Spain for the conclusion of transactions in such markets Are participants required to be subject to a supervisory regime? If so, please describe. As in any other institution operating in the securities markets, IBERCLEAR s participants are under the supervision of the CNMV, but they also have to comply with the technical and prudential obligations laid down by IBERCLEAR regarding their activities in the keeping of its book-entry registers and carrying out the clearing and settlement of the securities traded in the market. IBERCLEAR supervises that the participants maintain their book-entry registers in accordance with the legal rules of segregation and the technical standards laid down by itself Are participants required to hold an equity stake in the SSS? No Are there financial, economic, personal or other requirements (e.g. minimum capital requirements, "fit and proper" tests)? If so, please describe. As indicated before the only requirements are fit and proper tests. 3.4 Does the SSS engage in oversight of its participants to ensure that their actions are in accordance with its rules and procedures? If so, please describe. IBERCLEAR supervises that the participants maintain their book-entry registers in accordance with the legal rules of segregation and the technical standards laid down

11 by itself. It also supervises that the participants manage properly the clearing and settlement activities. 3.5 Under what conditions can participants terminate their membership in the SSS? Does this mark the end of all liabilities of the participant? If not, please describe what liabilities could remain. A participant may terminate its membership in IBERCLEAR by: Renouncing If they lose the status os brokerage firm or broking agency or any of the types of institution listed on article 77 of the Securities Market Law If they fail to make the technical adjustments required as a result of modifications or improvements to the bookkeeping ans clearins and settlement systems required by IBERCLEAR or pursuant to legal provisions In principle that means the end of all liabilities of the participant. From this moment, the participant cannot carry out registering and clearing and settlement functions, notwithstanding the participant must finish pending settlement transactions and the registry activities deriving from a reduction in its account balances. 3.6 Under what conditions can the SSS terminate a participant's membership in the SSS? IBERCLEAR can terminate a participant s membership: If the participants fails to effect all or part of the collateral guaranty assigned in relation with the pending settlements in the SCLV platform. Being unable to conform to the new technical standards required by IBERCLEAR; When it does not pay any obligation due to SCLV platform activities. When it does not reach the minimum settlement volume determined by the Ministry of Economy, or When the participant repeatedly fails to comply its duties in the settlement process, including delays. IBERCLEAR must send the proposal of termination to the CNMV that, finally will or will not approve it. From this moment, the participant cannot carry out registering and clearing and settlement functions, notwithstanding the participant can finish pending settlement transactions and the registry activities deriving from a reduction in its account balances. 3.7 Please describe the scope of the SSS's liability to participants, including the standard of liability (negligence, gross negligence, wilful misconduct, strict

12 liability or other), the force majeure standard, and any limitation to the scope of liability of the SSS (e.g. indirect or consequential damages). Where are these liabilities and their limitations set out (e.g. in statute or contract)? The nature of the relationship between IBERCLEAR and its participants is both statutory and contractual. According to article 27 of Royal Decree 116/1992 IBERCLEAR will be liable vis-à-vis its participants for any inaccurateness or prejudice due to its lack of diligence or default in compliance with applicable rules, unless it may give evidence that the prejudice is due exclusively to the negligence of the prejudiced party.

13 IV. Relationships with other SSSs and commercial intermediaries 4.1 Does the SSS maintain linkages (including sub-custodian or cash correspondent relationships) or other relationships with other SSSs? Please identify each of the other SSSs used and the type of securities transferred via the linkages What is the name of the other SSS? Where is it located? Currently, IBERCLEAR has direct link from SCLV platform with the following SSSs: Monte Titoli (Italy) a bilateral link, Euroclear France (France) link only for foreign securities, Euroclear Netherlands (The Netherlands) only for foreign securities, Caja de Valores (Argentina) a bilateral link, CBLC (Brazil) only for Brazilian securities, Clearstream (Germany) only for foreign securities and OeKb (Austria) only for foreign securities What securities are eligible for transfer via the linkage to the other SSS? All securities registered in SCLV platform are eligible for transfer. Conversely, foreign securities are eligible to be registered in SCLV platform through the mentioned linkages Are transfers of securities made via the linkage to the other SSS limited to only those that are free of payment or are transfers against payment also made via the linkage to the other SSS? If against payment, please describe the timing of the transfers and the corresponding payments. Transfers of securities made via linkages to other SSS are some free of payment and based on ECSDA model (Italy, Netherlands, France, Brazil and Argentina), and other delivery versus payment (Germany and Austria). Comunication Hours: Argentina: Brazil: France: Italy: Netherlands: Does the other SSS provide custody services to the SSS and, if so, who bears any credit or custody risks? No.

14 Does the SSS use securities custodians (other than the other SSSs addressed in the previous question) and/or commercial cash correspondents? Please identify the custodians or cash correspondents used and the duties that each performs. The cash correspondents used by IBERCLEAR for its links are BNP Paribás for France, Sandander Investment for Italy and Brasil, and BBVA for Argentina. 4.3 Please describe the standards used in approving or reviewing relationships with other SSSs, custodians or cash correspondents, including any financial or operational requirements or the presence of insurance or public supervision. As mentioned before, IBERCLEAR has set up links from SCLV platform to other SSSs. That includes the coverage of technical and legal aspects that assures the soundness of the link. There is a specific agreement signed between IBERCLEAR and each CSD. 4.4 Does the SSS advance funds or securities to or on behalf of other intermediaries such as issuing or paying agents? If so, please identify the circumstances in which such exposure could arise. No. 4.5 Please describe measures in place to protect the SSS and its members against the failure of other SSSs or commercial intermediaries to meet obligations to the SSS, including risk controls, collateral or alternative sources of funds and securities. There are no risks arising from the failure of other SSSs in delivering securities, since the delivery is effected once the availability of securities or cash are assured.

15 V. Securities transfers, funds transfers and linkages between transfers 5.1 Please discuss whether and how settlement instructions are matched between participants prior to processing by the SSS Is matching required for all transactions without exception? Only for bilateral transactions matching is required. Note that stock exchange and latibex trades are locked-in trades. Once transaction has been made on the market, the market member has to identify the participant that has to settle it, which can differ from the market member who has been its broker. The participant appointed for settlement matches the settlement instructions and accepts or rejects the transaction What procedure is used when instructions do not match? For bilateral transactions if the instructions do not match the transactions are not settle (transfers of securities, bilateral lending, etc ). Not applicable for stock exchange and latibex trades Are matched settlement instructions binding on participants? In the case of bilateral transactions, once a transaction is matched and release, it is binding on participants In the case of multilateral transactions, once a transaction is allocated to a participant for settling it, the settlement is binding on this participant If so, please describe the consequences of failure by participants to meet obligations (e.g. forced settlement, penalties, short positions). In stock market trades, participants selling securities must deliver them to SCLV platform no later than 15:00 hours of T+3. Should this delivery not be made, SCLV platform uses the procedure for the automatic lending of securities with the aim of delivering these to the purchasing parties on the date of settlement, in cases where the delivery is not made by the seller, the failed sales have an extra term of one working day for justification and settlement. Should that day elapse without justification, IBERCLEAR proceeds to buy in, on the market and on behalf of the participant involved in the sale, the securities it should have delivered. If a purchasing participant does not deliver the cash to TARGET2-Banco de España on the settlement date, IBERCLEAR has a Blocked cash account with the T2- Banco de España which it uses to guarantee payments. If the account is used, in the last instance, the funds will be recovered by debiting them from the collateral deposited. Additionally, IBERCLEAR has a collateral system that permits to hedge the market risk due to price shifts of failed trades.

16 IBERCLEAR avails of the collateral that participants are required to deposit to ensure settlements are correctly completed, as per Chapter IV of Royal Decree 116/1992. Participants are required to constitute a collective guarantee fund to ensure their fulfilment with the obligations deriving from their participation in settlements and the obligations resulting from the mechanisms IBERCLEAR uses to ensure securities and cash are delivered on the settlement date. The part of the collective collateral to be provided and maintained by each participant shall be used, with no limit, to guarantee compliance with obligations undertaken by them in settlement. Every day, the exposure of each entity is therefore evaluated and, if necessary, additional collateral is requested. The collateral of each participating must cover, as co-collateral, compliance of other entities obligations. If a participant should fail to fulfil all or part of a settlement, IBERCLEAR shall execute the part of the collateral necessary to cover the amount of the deficit. If the collateral is insufficient, IBERCLEAR shall apply the part of the collateral of the others, prorated by each collateral amount. For other transactions, if a participant fails to meet its obligation the transaction is not settled Please describe whether this is a feature of the SSS's rules and procedures or of national law or regulations. The procedures described above are regulated on the Securities Market Act (Law 24/1988) and later developed in the Royal Decree 116/92, February 14 th Please provide a time line indicating the points at which matched instructions become binding, as well as any pre-matching process that takes place. From 7 a.m. to p.m. and prior the reception of the orders, the bilateral transactions are matched on a trade-by trade basis. T The H/R mechanism allows instructing in hold status (PREA) and to release later on (NEWN). Once orders are realease and matched, they become binding. Multilateral transactions made at the Stock Exchange and Latibex are matched by the computer trading system (trades are locked-in). Once transactions have been contracted on the market, the market members inform IBERCLEAR, on the same trade day, of the volume in number of securities and cash at their various prices which has been traded at the aggregate level by each of the market members. At this point in time transactions are considered firm and irrevocable.. Volume information is also allowed on the day following trade date, exclusively for special operations effected after market hours.

17 The trading that has been reported on the first instance at aggregate level, must be broken down into itemised transactions specifying ownership and the participant that has to settle it, which can differ from the broker that negotiated the trade. For this purpose, market members have a set period between T and the afternoon of T+1 (T being the day on which the trade was negotiated) to communicate this detailed information to the Stock Exchange where the trade took place. The Stock Exchanges communicate the breakdowns to IBERCLEAR at the same time that it receives them from the brokers. This information is in turn placed at the disposal of the participants appointed for settlement, so that the settling participants may accept or reject the operation until the close of the next communications period, so that the breakdowns received in IBERCLEAR in the morning of T must be accepted or rejected until T in the afternoon, the ones received in T in the afternoon until T+1 in the morning, etc. Thus, the period set for confirmation of the breakdowns runs from T to T+2 in the morning. The process of confirming the breakdowns is effected by the participant, either expressly, accepting or rejecting the settlement of the operations, or tacitly, taking as confirmed those operations not expressly rejected by the participant at the end of the aforesaid period. Transactions that are confirmed by the participant are allocated for the settlement to this participant, becoming binding. On the other hand, rejected operations will be reported on the same day to market members for them to rectify their breakdown if there is still time to do so. Once the set period for making and confirming the breakdown is over, on the morning of T+2, transactions that have been rejected by participants will be allocated for settlement to the market member who had been their broker. This allocation procedure is also done with the trading volumes still pending breakdowns at the end of T Are securities transferred within the SSS registered? Who is the registrar? IBERCLEAR has the functions of keeping the book-entry register of dematerialised securities listed on the Stock Exchanges and on Latibex, the Latin American Market in Euros and of handling the clearing and settlement of trades made on securities listed on these markets. The book-entry register is structured as a central component in the IBERCLEAR s charge, in which the aggregate balance of securities for each of the participants is kept, and an itemised individual register in each participant s charge, in which securities are listed under each holder s name Is it normal practice to register the securities in the name of the SSS (or its nominee) or in the name of the beneficial owner? Are there instances in which securities housed within the SSS are registered to neither the SSS (or its nominee) nor the beneficial owner?

18 The securities must always be registered under each holder s name (the beneficial owner) If the SSS offers custodial services, will it hold securities registered in the name of the beneficial owner? SCLV platform only keeps the aggregate balance of securities for each of the participants, segregated into own account and third parties account. The participants are in charge of an itemised individual register in which securities are listed under each holder s name Under what circumstances does the SSS initiate registration of securities in the buyer s name? Registration of the transfer of securities arising from a purchase follows the principle of delivery versus payment, and is therefore on condition of the payment of cash by the participant. For this reason, the transfer of securities resulting from settlements of purchases are inscribed on the same settlement day after cash settlement is final How long does the registration process typically take? Are participants notified when registration is complete? The registration process is made on the settlement day at the end of each multilateral cycle Can securities be transferred within the SSS before registration in the buyer's name is complete? If so, do the rules and procedures of the SSS provide for an unwind or reversal of such transfers in case of bankruptcy or other events which result in the buyer's name not being entered on the register? The transfer can be communicated for its settlement, but the transfer can t be done before registration in the buyer s name. 5.3 Please describe how securities transfers are processed within the SSS Please indicate whether the transfers are processed as debits and credits to members' accounts or via some other method. SCLV platform inscribes the transfer of securities resulting from settlements of purchases or sales as debits and credits into participant s accounts On a continuous (real-time) basis, or in one or more batches? Currently, the registration process is made in T+3 on four settlement cycles a day: three of a multilateral nature that will include, inter alia, ordinary stock transactions; one of a multilateral nature for the settlement of transactions in Latin American stock exchanges. In each of the aforementioned cycles, IBERCLEAR obtains a settlement account that reflects the net cash amounts that must be debited or credited in accounts held by the entities in TARGET2-Banco de España. These accounts

19 are reported to TARGET2-Banco de España at approximately 9:30 AM, 11:15 AM, (Latibex cycle), 1:30 PM and 3:30 PM on the day of settlement, respectively, and entities have 30 minutes to effect payment into the cash account. Moreover, there are three cycles more for OTC transactions: at AM, AM and 2.00 PM If continuous, during what hours does the processing occur? If in batches, at what time or times is the processing initiated and completed? Each of the batch processes lasts around 30 minutes from the moment SCLV platform communicates net positions of cash to for its settlement and TARGET2-BANCO DE ESPAÑA confirms cash settlement. Once the confirmation has been received IBERCLEAR debits or credits the securities accounts Do securities settlements occur daily? Please identify securities for which settlement occurs only on specific days of the week or month. The settlement process for all types of securities is made daily (rolling settlement). 5.4 Please describe whether final funds transfers in conjunction with the SSS are made as debits and credits to balances held at the SSS, at one or more commercial banks, at the central bank, or via some other method Does the SSS maintain cash accounts for its participants? Are these accounts equivalent to deposit accounts at a commercial or central bank or do they serve only as "cash memorandum" accounts? The SCLV platform does not maintain cash accounts for its participants. Cash settlement is always made through the direct accounts that the participants hold in TARGET2-Banco de España. Those participants that do not hold a direct account with it must arrange their settlement through some other participant, always provided IBERCLEAR and BANCO DE ESPAÑA are informed of this situation. The net cash amounts that are to be debited or credited into the accounts the participants held in TARGET2-Banco de España are communicated to the latter at 9:30 a.m., a.m (Latibex cycle), p.m, and 15:30 p.m. of the same day in which settlement takes place (T+3) On what entity (SSS or other) does the participant bear cash deposit risk? On Banco de España Under what circumstances does the SSS provide credit extensions or advances of funds to its participants and thereby expose itself to credit risk? IBERCLEAR does not provide credit extensions to its participants.

20 How long can such credit extensions last? How long do they typically last? Not applicable. 5.5 Is the SSS a DVP system? If so, please describe the DVP model used according to the models outlined in the DVP Report (see the Introduction). Please also provide a diagram indicating the timing of events in the processing of securities and funds transfers in the SSS. Where the SSS provides more than one alternative for settlement processing, please provide a response for each alternative and indicate the relative importance of each alternative. SCLV platform is a DVP system following model 2 of the BIS. SCLV platform settles securities on a gross basis and fund transfers on a net basis. Final transfers of both securities and funds occur at the end of each processing cycle Are funds transfers and securities transfers processed within the same system or in different systems? If different, how are they linked? Please describe whether each securities transfer is linked to a specific funds transfer on a trade-by-trade basis or on a net basis or via some other method. SCLV platform settles securities on a gross basis and fund transfers on a net basis. SCLV platform calculates the net amounts that have to be debited or credited to the accounts the participants hold in TARGET2-Banco de España and communicates them to the latter at 9:30 a.m., a.m (Latibex cycle), p.m, and 15:30 p.m., on the same day in which settlement takes place (T+3). Once the cash settlement is accomplished, BANCO DE ESPAÑA confirms it to SCLV platform, which inscribes the transfer of securities resulting from settlements of each purchase and sale as it debits and credits to the participants accounts Does the SSS "split" large transactions into multiple transactions or require participants to do so? No When do securities transfers and funds transfers become final? At what time do securities transfers become final? After what event or events? Securities transfers become final on the moment the Stock Exchange trade volume is communicated to SCLV platform. From this moment and according to Law 41/1999 the transactions cannot be unwound.

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