Mondo Visione Worldwide Financial Markets Intelligence

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Spanish Exchange Trades 21 New Warrants By Société Générale - 1,676 Warrants Admitted To Trading On The Market Since The Start Of 2005 A New Record Since The Creation Of This Market

Date 22/12/2005

The Spanish Exchange today began trading 21 new warrants issued by Société Générale. The new issues are linked to domestic and foreign shares, international indices and commodities.

With the incorporation of these issues, the number of warrants admitted to trading on the market during 2005 amounts to 1,676, which exceeds the figure for the whole year 2004 and represents a new record since the creation of this market.

One issue of call warrants was made on the Troy Gold ounze with an exercise price of $ 550.

As to the warrants on foreign shares, 16 were issued on the following underlying assets: Apple, Arcelor, Cisco Systems, Deutsche Telekom, Ebay, France Telecom, Google, Microsoft and Pfizer. Another 2 put warrants were issued on Telefónica.

As to international indices, 1 put warrant was made on the Dow Jones Eurostoxx 50 and 1 put on the Nasdaq 100.

The new issues are American style, that is, they can be exercised at any time, except the gold underlying asset, which is European style and can be exercised on the expiry date. The expiry dates for these issues are September and December 2006.