Mondo Visione Worldwide Financial Markets Intelligence

FTSE Mondo Visione Exchanges Index:

Spanish Exchange Trades 45 New Warrants

Date 24/01/2005

The Spanish Exchange today began trading 45 new warrants, 44 of which were issued by Société Genérale and 1 by BBVA Banco de Financiación.

The underlying assets for the warrants issued by Société Générale are domestic and foreign shares, domestic indices and exchange rates.

The Ibex 35 index is the underlying asset for 7 issues. The Spanish shares that will act as the underlying assets for 26 warrants are as follows: Altadis, Amadeus, BBVA, Repsol, Banco Santander and Telefónica.

Among the warrants issued on foreign shares, 2 have been issued on France Telekom stock and 9 on the euro / dollar exchange rate.

Among the issues are call and put warrants, all of which work in the same way as American warrants, that is, they are exercised automatically by the issuer and their expiry dates are September, June and December 2005.

As for the warrants issued by BBVA Banco de Financiación, 1 call warrant has been issued on the Ibex 35, its expiry date being October 2008.

With these issues, the number of warrants traded on the market stands now at 1,439.