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The Spanish Exchange Trades 730 New Warrants Issued By Commerzbank - It Is The Biggest Issue Since The Creation Of The Warrants Market.

Date 09/10/2007

The Spanish Exchange today began trading 730 new warrants issued by Commerzbank, the biggest issue ever made on the Spanish stock market. The new warrants are linked to domestic and foreign shares and indices as well as exchange rates and commodities.

As for domestic shares, 356 warrants were issued on the following assets: Abengoa, Abertis, Acciona, Acerinox, ACS, Aguas de Barcelona, Alba Corporación Financiera, Antena 3 Televisión, Astroc, Avanzit, Banco de Sabadell, Banco de Valencia, Banco Guipuzcoano, Banco Pastor, Banco Popular, Banesto, Bankinter, BBVA, Bolsas y Mercados Españoles, Cementos Portland Valderrivas, Logista, Cintra, Ebro Puleva, Enagas, Faes Farma, FCC, Gamesa, Gas Natural, Telecinco, Grifols, Grupo Catalana Occidente, Grupo Ferrovial, Iberdrola, Iberia, Inditex, Indra, Inmobiliaria Colonial, La Seda de Barcelona, Mapfre, Metrovacesa, NH Hoteles, Obrascon Huarte Lain, Prisa, Red Eléctrica, Repsol, Sacyr Vallehermoso, Santander, Sogecable, Sol Melia, Solaria, Tecnicas Reunidas, Telefonica, Unión Fenosa, Vocento, Zardoya Otis and Zeltia. It is worth mentioning the incorporation, as new underlying assets, of Banco Guipuzcoano, Logista, Solaria and Vocento.

As regards foreign shares, 312 warrants were issued on the following assets: Air France – KLM, Alcatel-Lucent, Allianz, Alstom, Amazon, Apple, Arcelor Mittal, Areva, Axa, Barclays, BASF, Bayer, BCP, BNP Paribas, Bull, Cisco Systems, DaimlerChrysler, Danone, Deutsche Bank, Deutsche Telekom, E.ON, EADS, Ebay, EDP, Electricité de France, Enel, ENI, Fiat, Fortis, France Telecom, Galp, Google, IBM, ING, Intel, Microsoft, Nokia, Petrobras, Pfizer, Philips, Porsche, Portugal Telecom, Companhia Vale Do Rio Doce, Royal Bank of Scotland, Royal Dutch, RWE, Sanofi-Aventis, SAP, Siemens, SolarWorld, STMicroelectronics, Suez, TomTom, Total, TUI, Vallourec, Veolia, Vinci, Vivendi, Vivo Participacoes, Vodafone and Yahoo. . It is worth mentioning the incorporation, as new underlying assets of Air France-KLM, Areva, Barclays, BASF, Bull, Galp, Petrobras, Vale Do Rio Doce, SolarWorl, TomTom, TUI and Vivo Participacoes.

In connection with indices, 16 issues were made on the IBEX 35®, 7 on the international DAX and 6 on the Nikkei. With regard to exchange rates 20 warrants were issued on the euro / dollar. On the side of commodities 8 issues were made on the Gold ounce and 5 on the Silver.

The expiry dates for all isssues are November and December 2007 and March and June 2008. They are all American style, that is, they are exercised automatically on the expiry date.