MEFF Renta Fija, through its Regulations, expanded for this purpose, will be the company that governs MEFFCLEAR (the Central Counterparty).

Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A (BME) is the holding company for all the Spanish exchanges, trading and clearing systems, including MEFF AIAF SENAF Holding de Mercados Financieros (mF), to which MEFF RF belongs.

Mercados Financieros (mF), in turn, is made up of the following entities, amongst others:

• MEFF Sociedad Rectora de Productos Financieros Derivados de Renta Fija, S.A. ("MEFF Renta Fija"), company that governs the Exchange and Clearing House for fixed income futures and options.

• MEFF Sociedad Rectora de Productos Financieros Derivados de Renta Variable, S.A. ("MEFF Renta Variable"), company that governs the Exchange and Clearing House for equity futures and options.

• AIAF Mercado de Renta Fija, S.A. ("AIAF"), the Official Secondary Market for Corporate Debt.

• Sistema Electrónico de Negociación de Activos Financieros, Agencia de Valores, S.A. ("SENAF"), Organised Trading System for Government Debt.

Additionally, mF also has companies in its organisation dedicated to training and development of IT applications, as well as a Securities Company, which is the vehicle used in some of the connections with other exchanges.

SENAF started trading repos on 27 September 2002. The trading is done without the counterparty's knowledge through an electronic system.Transactions are reported by SENAF to the Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A. (IBERCLEAR), which is the entity responsible for registering and clearing transactions involved in repos.

The mF Group, through MEFF RF, making use of the experience accumulated since 1989 in the management of the fixed income futures and options clearing house, makes the Central Counterparty (CCP) service available to the financial markets for repos on Spanish Debt.