Exception on IPO rules for Credit Entities

Credit entities are exempted for IPO obligations accrding to RDL2/2011 for the reeinforcement of the financial system in Spain. This exception has been introduced to simplify the integration of financial entities in distress. The obligation of article 60 of the Ley de Mercado de Valores is not applicable if a restructuring of a Spanish credit entity is done in the framework of RDL9/2009, or with support of the "Fondo de Reestructuración Ordenada Bancaria", the Spanish Banking restructuring fund, or the "Fondo de Garantía de Depositos", the Spanish Deposit Guarantee Fund. The exception is applicable as of the 28th of june 2009.