CATALAN SELF-GOVERNMENT PUBLIC DEBT MARKET In accordance with the provisions of article 2 of the Order of 22 March 1994 and the Order of 7 April 1999 of the Department of Economics, Finance and Planning of the Catalan Self-Government, the Barcelona Stock Exchange has established a market for the Public Debt of the Catalan Self-Government in which different types of transactions, provided for in the aforementioned Order of 22 March 1994, can be carried out. To facilitate trading and to eliminate the duplication of costs, the trading system and technical processes of the Catalan Public Debt Market, are similar to the existing Public Debt Market of the Central Gilts Office ("Central de Anotaciones del Banco de España").

TYPES OF SECURITIES

Issues of Public Debt of the Catalan Self-Government and the Catalan Institute of Finance, that are listed on the Barcelona Stock Exchange.

TYPES OF TRANSACTIONS

• simple spot transactions.
• simple forward transactions.
• purchase/sale with repurchase agreement on fixed date.
• purchase/sale with repurchase agreement on demand.
• simultaneous spot transactions.
• simultaneous forward transactions.

TRADING SYSTEM

Telephone trading, supported by computer screens which provide information on the trading and on the positions declared. Market information can be accessed from the equipment connected to the Information Dissemination System of the Stock Exchange (Databolsa) and from the Reuters terminals.

TRADING HOURS

The Market is open on all working days of the Barcelona Stock Exchange, from 9 am to 5 pm.

PUBLICATION OF TRANSACTIONS

Notice of all transactions should be communicated by the members of the exchange to the Department of Supervision of Markets and Information of the Barcelona Stock Exchange, which verifies their proper compliance with the trading regulations.

SETTLEMENT

Settlement of transactions, in terms of the accounting entries, are carried out by the Clearing and Settlement Service of the Barcelona Stock Exchange, with transactions being settled on the same day as their execution through the cash accounts of the Bank of Spain.

Entities holding deposits of Catalan Self-Government Public Debt should also be linked to the Clearing and Settlement Service.

GUARANTEES FOR FUTURES CONTRACTS

In order to cover the risks derived from interest rate movements, investors are required to provide a guarantee deposit in the case of simple forward transactions on the Catalan Self-Government Public Debt Market. The guarantee is calculated as 0.15% of the nominal value of the notes or as 1.65% of the nominal value in the case of bonds and debentures. The guarantee is returned on the maturity date of the transaction together with the interest earned from its placement on the money market.

CHARGES

The Barcelona Stock Exchange has established a specific flat fee for transactions involving Catalan Self-Government Public Debt, of 3.5 euros per transaction, without any additional charges being applied for the components of the deal. The first 100 transactions executed in any month by a member are exempt from this charge.