5BME group. five BME GROUP COMPANIES

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2 5The BME Group BOLSAS Y MERCADOS ESPAÑOLES is a strong, innovative and competitive financial services Group with all the necessary technology to guarantee efficient financial markets for the Spanish economy and rapid responses to the increasing demands of issuers, brokers and investors.

3 five 5BME group Bolsas y Mercados Españoles (BME) is the company that integrates all the securities markets and financial systems in Spain. The parent group comprises the Madrid, Barcelona, Bilbao and Valencia stock exchanges, MF Mercados Financieros, Iberclear and BME Consulting. BME GROUP COMPANIES The main companies comprising Bolsas y Mercados Españoles are: BME is a technically advanced company, widely diversified, financially very sound and has a strong presence in the international markets. The company is managed in such a way as to maximize the return on all major assets, thereby creating a unique group with enormous growth potential. Barcelona Stock Exchange (Sociedad Rectora de la Bolsa de Valores de Barcelona, S.A.U).: The Barcelona stock exchange lists, supervises and manages the official secondary market, setting the trading regulations for its members. In addition to the equity and fixed-income markets, it exclusively handles the trading and settlement of public debt issued by the Catalonian regional government. It owns 100% of Centro de Cálculo de Bolsa (IT services), Borsatel (publishing and sale of stock-market related publications and services) and Databolsa (market and financial information). Bilbao Stock Exchange (Sociedad Rectora de la Bolsa de Valores de Bilbao, S.A.U).: The Bilbao stock exchange lists, supervises and manages the official secondary market, setting the trading regulations for its members. In addition to the equity and fixed-income markets, it exclusively handles the trading and settlement of public debt issued by the Basque regional government. ANNUAL REPORT

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5 5five BME group SOCIEDAD DE BOLSAS SISTEMA DE INTERCONEXIÓN BURSÁTIL Madrid Stock Exchange (Sociedad Rectora de la Bolsa de Valores de Madrid, S.A.U).: The Madrid stock exchanges lists, supervises and manages the official secondary market in equities, corporate debt, public debt, warrants and certificates. It owns the following companies: -Compañía Informática de Bolsa: This company develops computerised trading systems, providing support to the Spanish system and to the systems of various Latin American countries. -Visual Trader Systems S.L.: This channels to the Spanish market orders placed by financial institutions and the transmission of orders to external markets. It is 90%-owned by the Madrid Stock Exchange. - Infobolsa: this company is 50% owned by the Madrid Stock Exchange and Deutsche Börse. It sells real-time financial information services. Sociedad de Bolsas: is 25% owned by each of the four Spanish exchanges. Its mission is to manage and operate the Spanish electronic trading system (SIBE - Sistema de Interconexión Bursátil Español). Sociedad de Bolsas is the primary source of market data relating to the four Spanish exchanges. It supervises and monitors all activities carried out by market members, works to ensure that all technical and legal requirements are met and, where necessary, adopts the appropriate measures to safeguard their immediate implementation. Valencia Stock Exchange (Sociedad Rectora de la Bolsa de Valores de Valencia, S.A.U): The Valencia stock exchange lists, supervises and manages the official secondary market, setting the trading regulations for its members. In addition to fixed income and equities, it trades the government notes of the Generalitat Valenciana (regional government of Valencia) and the bonds and debentures of Bancaja, which are settled on the exchange itself. It has a 10% stake in Visual Trader Systems S.L. The four Spanish exchanges, together with several Latin American exchanges, manage the Latibex organised trading system, the market for Latin American stocks traded in euros. ANNUAL REPORT

6 five BME Group 5 MEFF AIAF SENAF Holding de Mercados Financieros, S.A.U: is the holding company for securities of the companies that it owns: -MEFF Renta Fija (Mercado Español de Futuros Financieros, Sociedad Rectora de Productos Financieros Derivados de Renta Fija, S.A.): This company manages the Spanish financial futures market. -MEFF Renta Variable: (Mercado Español de Futuros Financieros, Sociedad Rectora de Productos Financieros Derivados de Renta Variable): This company manages the equity derivatives market and is also the counterparty for its main products: Ibex 35 futures, Ibex 35 options, mini Ibex 35 futures and stock futures and options. -AIAF Mercado de Renta Fija S.A.: As the governing body of the private fixed-income market, this company manages and supervises both the primary market (listings) and the secondary market (trading) in corporate debt securities. -SENAF (Sistema Electrónico de Negociación de Activos Financieros, Agencia de Valores, S.A.): This manages the electronic market for public debt trading, including both spot and repo transactions. -MEFF Services: responsible for the development and operation of data-processing systems, the trading and settlement of derivatives, the transmission of orders to European markets, the dissemination of futures and options market data, and the Instituto MEFF. -MEFFCLEAR. This is the central counterparty (CCP) for all transactions involving fixed-income securities traded on the securities markets, electronic systems or using other means, by clearing members and/or clients. Iberclear: This is Spain's central depository of securities. It is responsible for the accounting records and the clearing and settlement of securities listed for trading on Spanish stock exchanges, the book-entry public debt market, AIAF and Latibex. It uses two platforms - SCLV and CADE - equipped with technology that provides a high level of automation in the procedures used and a high degree of interconnection between the entities and Iberclear. BME Consulting: BME operates in 23 countries, developing joint consulting and technology projects, and co-operation and service provision agreements. Our trading systems are already being used in many countries of the euro-zone. The mission of this company is to contribute to Bolsas y Mercados Españoles' general strategy of diversifying its business, increasing its international standing and generating new opportunities worldwide. 41 ANNUAL REPORT 2004