The Spanish Exchange Trades 308 New Warrants - With The Incorporation Of These Issues, The Number Of Warrants Admitted To Trading So Far Amounts To 856 And The Number Of Warrants Listed Stands At 1,626

The Spanish Exchange today began to trade 308 new warrants, of which 206 correspond to Banco Santander Central Hispano and 102 to Commerzbank. These new issues bring the total number of warrants traded on the Spanish market to 1,626.

The warrants issued by Banco Santander Central Hispano are linked to national and international shares and indices, as well as exchange rates.

75 warrants were issued on Spanish shares linked to the following underlying assets: Abertis, Altadis, BBVA, Endesa, Gamesa, Gas Natural, Iberdrola, Inditex, Indra, Repsol, SCH, Telefónica and Zeltia.

As regards foreign shares, 81 warrants were issued on ABN, Alcatel, Allianz, Arcelor, AXA, Bayer, Carrefour, Deutsche Telekom, ENI, Fortis, France Telecom, ING, Microsoft, Nokia, Philips, SAP and Siemens. It is worth mentioning the incorporation of Carrefour, ENI, Fortis, SAP and Siemens as new underlying assets.

As to the warrants on indices, 6 were issued on the IBEX 35® index. Another 4 issues were made on the International Dax Xetra, 4 on the Dow Jones Industrial Average, 4 on the Nasdaq, 5 on the Nikkei and another 5 on the Dow Jones Eurostoxx 50.

As to exchange rates, 6 issues were made on the Euro / Yen, 12 on the Euro / Dollar and 4 on the Euro / Swiss Franc, this one being incorporated for the first time into the warrants market.

Among the issues are call and put warrants, which are American style and whose expiry date is 15 December 2006.

The warrants issued by Commerzbank are linked to national and international shares and indices and exchange rates.

The 49 warrants on Spanish shares are linked to the following underlying assets: Altadis, Banco Popular, BBVA, Endesa, Gas Natural, Iberdrola, Inditex, Repsol, Santander, Telefónica and Telefónica Moviles.

As to foreign shares, the 37 warrants issued are linked to the following underlying assets: Arcelor, Cisco Systems, France Telecom, Google, Microsoft, Nokia, Pfizer and Yahoo. In addition to this, 7 warrants were issued on Euro / Dolar exchange rate.

As to the warrants on indices, 5 were issued on the IBEX 35® 35 and 4 on the International Nasdaq Index. Another 7 warrants were issued on the Euro / Dolar exchange rate.

The issues made by Commerzbank comprise call and put warrants. They are American style and have expiry dates in June and September 2006.