The so-called "Fondtreasury" has shown itself to be a safe and profitable investment alternative for savers, while providing the Treasury with a considerable source of demand for public debt securities. In order to maintain the success of the "Fondoro", it is necessary to ensure that the collaboration agreements signed by the Ministry of Economy and the Management Societies are maintained in line with market trends in aspects such as commissions. or investment policies.

Therefore, this Order has three objectives: the easing of the use of derivatives by the funds to allow better coverage of their risks, the reduction of the management, deposit and reimbursement commissions that Managers may charge and equate the limitations that the Convention provides for the various classes of funds (Fondoro FIM and FIAMM and Fondoro Renta FIM and FIAMM and Fondoro Plus).

In its virtue, I have:

First. Conventions.

1. The Ministry of Economy, through the Directorate-General of the Treasury and Financial Policy, may subscribe to the Collective Investment Institutions of the Collective Investment Institutions, which will be in line with the type of agreements listed as such. Annexes to this Order.

2. The Type-Conventiles listed as Annexes to this Order are hereby approved.

Second. Information to the Directorate-General of the Treasury and Financial Policy.

1. The following agreements may be concluded by the Management Societies of Collective Investment Institutions, which, in addition to supporting compliance with the general requirements required for administrative procurement, will, in the opinion of the Directorate-General of the Treasury and Financial Policy, of the appropriate material and human resources to carry out an effective marketing of the fund or funds intended to receive the Convention.

2. Each Management Company may request that one or more funds, be they of Mobiliary Investment or Investment in Assets of the Monetary Market, be covered by the Convention.

Funds may be newly created or existing, and in the latter case they must be adapted to the requirements of the relevant Convention.

3. The Management Companies interested in subscribing to the Convention shall communicate it to the Directorate-General of the Treasury and Financial Policy, accompanying a Memory to include at least:

Basic characteristics of the Gestora Society, including its articles of incorporation and statutes, shareholder structure, members of its management body and management, material and human resources, and description of the other funds it manages or intends to manage during the period of validity of the Convention.

Detail of the fund or funds intended to host the Convention, including the draft constitution or modification of the fund, the chosen deposit entity, the description of the system and the marketing strategy, and, where appropriate, of the material and human resources in particular attached to the fund, the amount of the fees actually to be applied by the Management Company, and the intended target for the collection of resources.

4. The Directorate-General for the Treasury and Financial Policy, which may collect as much additional information as possible, shall verify that the fund or funds in question are in accordance with the provisions of the model of the Convention, and that the Management Company has the appropriate means for their effective marketing. Where the circumstances so warrant, the Directorate-General may give preference to companies which request to host the Convention a Mobiliary Investment Fund or to condition the conclusion of a Convention with a Management Society which The Commission is required to apply simultaneously such a scheme for a Mobiliary Investment Fund and for an Investment Fund in the Assets of the Monetary Market.

Subscribed by both parties to the Convention, the Convention shall only be effective once it has been authorised, constituted and entered into the Fund in accordance with the applicable rules.

Third. Complaints.

Without prejudice to the supervision and inspection functions of the funds attributed by the current regulations to the National Securities Market Commission, the Directorate General of the Treasury and Financial Policy will address any claims that the members of the funds under the Convention had formulated the respective management companies, without obtaining adequate response. If you consider them to be founded, you will move them, along with your report, to the corresponding Gestora Society, urging you to attend them.

Additional disposition first. Delegation of powers.

The Director-General of the Treasury and Financial Policy are delegated as many powers as are necessary in order for the conclusion, execution, interpretation, extension, denunciation or resolution of the aforementioned Conventions.

Additional provision second. Advertising expenses.

The advertising costs for the Treasury to which the Conventions referred to in this Order originate shall be addressed by the budgetary appropriations entered each year in Section 06 (Public Debt) of the Budget of State expenses in order to meet the expenses of the State Debt, being subordinated its execution to the existence of sufficient and adequate credit in the corresponding General Budget of the State.

Single transient arrangement. Adaptation of existing Conventions.

The Conventions provided for in the Order of 7 June 1990 concluded prior to the entry into force of this Standard by the Director-General of the Treasury and Financial Policy and the Management Societies of Institutions of Collective investment should be adapted to the Type-Conventionsas set out in the relevant annexes of this Order before 15 December 2002. Otherwise, as provided for in the Conventions, the General Directorate of the Treasury and Financial Policy will resolve the Conventions by means of a written complaint before that date.

The Management Societies must adapt to the contents of this Order the brochures and regulations of the Fondtreasury that they manage before 31 January 2003.

Single repeal provision.

The Order of 7 June 1990 on the Partnership Agreements on Mutual Funds in State Debt is hereby repealed.

Single end disposition. Entry into force.

This Order shall enter into force on the day following that of its publication in the "Official State Gazette".

Madrid, 5 December 2002.

HANGING OUT AND FIGAREDO

ANNEX 1

Convenio-Type of collaboration on Mobilian Investment Funds in State Debt (Fondoro, FIM)

According to Article 104.2 of the recast text of the General Budget Law, the Order of the Ministry of Economy and Finance of 7 June 1990 ("Official State Gazette" of 13) delegated to the Director General Treasury and Financial Policy the ability to hold, on behalf of the State, collaboration agreements relating to State Debt Investment Funds.

In view of the foregoing, on the one hand, Don ..............., Director General of the Treasury and Financial Policy, on behalf and representation of the Spanish State (hereinafter "the Public Treasury") and, on behalf of another representation of .............., Society Gestora of Collective Investment Institutions (hereinafter the "Gestora Society"), according to the power displayed.

Both parties recognize the ability to grant this Convention, and to this effect they agree to the following:

CLAUSES

First.

This Convention aims to regulate the collaboration between the Public Treasury and the Gestora Society, in order to develop and disseminate a State Debt Investment Fund, called " ................... Fondtreasure, " FIM.

The fund, which will be managed by the Gestora Society, in addition to being subject to the legal and regulatory provisions applicable to it, will have the specifications described in the following clauses.

Second.

The Investment Fund shall have the following specifications to be expressly stated in its prospectus, with the exception of options that are enclosed in square brackets. Any increase in the fees applied must be communicated to the Treasury in advance and will require the express agreement of the Treasury in order to be applied:

a) Investment criteria:

1.^or 90 per 100 of the fund's assets must be invested in State Debt in any of its modalities or in bonds issued by the "FTSMEs" that have the State's guarantee. The State Debt shall be calculated as the State Debt, the Segregated Principal or Segregated Holdings referred to in the Order of 19 June 1997, which governs the operations of segregation of principal and coupons of the securities of the State and its reconstitution and the Directorate-General of the Treasury and Financial Policy is authorised to formalise singular loans with financial institutions.

2.^or The fund will define its investment policy as fixed income with a target duration of its [not higher] [higher] to twelve months [higher] portfolio.

3.^or The fund may only act in the term markets or derivative financial instruments for the sole purpose of covering the financial risks of its portfolio. However, this limitation shall not affect the acquisition or temporary disposal of assets, nor shall it affect the simultaneous transactions of spot purchase and sale of the State's debt and the simultaneous sale to the spot and purchase of such a debt.

The fund may use the following derivative financial instruments:

(a) Futures contracts, traded on organised derivatives markets, on interest rates.

b) Options contracts, traded on organised derivatives markets, on interest rates.

c) Interest or foreign exchange swap operations.

b) Minimum contribution of members:

The minimum investment required initially for potential participants shall not exceed EUR 300 [where applicable, a lower figure may be included].

c) Commissions and expenses:

The sum of fees and expenses charged annually to the fund for all concepts shall not exceed [1,50] [1,15] per 100 [1,15 per 100 applies to fixed income funds with duration not exceeding twelve months, 1,50 per cent. 100 for funds with a duration of more than 12 months; in both cases, lower fees may be included in the prospectus] of the value of your average daily assets during the financial year.

This percentage will comprise both the commissions that specifically pay the Gestora and the Depositary Society, as well as all commissions or expenses related to other concepts (such as auditing, administrative expenses, etc.). external services, publishing costs, etc.) Only those concepts which, exceptionally and by reason of their special nature, may be authorised by the Treasury, may be charged to the Fund without being charged to the Fund at the request of the Management Company.

[Optional: The Management Company may individually pass on to the unit-holders a reimbursement fee of no more than 1 per 100 (if applicable, a lower figure may be included in the prospectus) of the value of the shares reimbursed, which shall apply only to reimbursements that occur during the first year of the participation in the fund.]

[Optional: Without prejudice to the foregoing paragraph, it shall apply to the redemption value of the shares that have been acquired within 30 days prior to such repayments, a discount to the fund of 2 per 100 (if applicable, a lower figure may be included in the prospectus) of the value of the shares repaid. For these purposes, the units reimbursed are the ones of the highest seniority.]

d) System of remuneration for members:

The fund will act on a capitalization basis, through the continued reinvestment of the earned income.

Third.

During the term of this Convention, the Treasury is obliged to:

Give the Gestora Company the non-exclusive use of the trademark "Fondoro" and its logos and identifying signs for the sole purpose of the marketing of the fund subject to the Convention.

Provide advertising support for the promotion of the funds under the Convention, subject to the availability of credit for advertising and promotion established annually in the concept applicable to Section 06 (Debt Public) of the General Budget of the State.

Fourth.

In addition to observing the specifications outlined for the background in the second clause of this Convention, the Gestora Society is obliged to:

Where appropriate, use in advertising relating to the fund and expose in a visible place of the network of offices, through which it is marketed, the logos and distinctive signs of "Fondoro" and the Public Treasury, respecting the Rules of the Corporate Identity of the Public Treasury and of "Fondoro". It is necessary that all the communication carried out by "Fondoro" comply with the aforementioned rules, its non-compliance will result in the Treasury's reporting of the agreement signed with the Responsible Gesture.

Refer to the Directorate-General of the Treasury and Financial Policy the information, periodic or occasional, which it requires, in general or in relation to a particular fund. To the extent possible and to prevent the Gestora Society from incurring unnecessary expenses, the information required shall be related to those that the Management Company must provide to the National Securities Market Commission, as soon as the the supervisory body of the Collective Investment Institutions.

Also, the Gestora Company must keep the aforementioned General Directorate informed of how many extremes may be relevant to its activity as a Fund Management Company (modification of the shareholding structure of the company). Society, change in the Depositary, etc.).

This reporting obligation extends exclusively to the related or derivative effects of this Convention and shall be without prejudice to the supervisory powers of the Fund and the Management correspond to the National Securities Market Commission.

Fifth.

1. Once this Convention has been signed, it shall apply from the moment of the registration of the fund or the modification of its Management Regulations or its prospectus in the Register of the National Securities Market Commission, and shall extend to 31 December. of January of the following year, being tacitly extendable for periods of twelve months, except express denunciation, freely agreed by any of the parties and communicated in writing before December 31.

2. Without prejudice to the foregoing, the Treasury shall be entitled to unilaterally suspend or terminate the Convention signed with a Management Society, in the following cases:

(a) When the National Securities Market Commission, under the scheme provided for in Chapter V of Title I of the current Collective Investment Institutions Act, agrees to initiate a sanctioning file for possible serious or very serious infringement committed by the Gestora Society, or in respect of any of the intervention or replacement measures referred to in Article 32a of that Law.

(b) Where the Management Company amends the Management Regulation or the prospectus of the fund without the prior consent of the competent body.

(c) When the Gestora Company repeatedly and unjustifiably disclaims the claims of the members to be transferred to it with its favorable report by the Treasury.

(d) When the Management Company fails to comply with the provisions of the Second or Fourth clauses of this Convention.

e) By the accredited non-compliance by the Gestora Society in the advertising campaigns that it carries out individually, the norms of the corporate identity manuals of the Public Treasury and the "Fondoro" or the instructions which, if any, have been sent in writing by the Directorate-General of the Treasury and Financial Policy in connection with the advertising of "Fondoro".

3. If the complaint or resolution of the Convention is produced in accordance with the provisions of the preceding numbers 1 or 2, the Gestora Society shall immediately inform its members in writing.

If the complaint was made at the will of the Gestora Society or the Convention was resolved by unilateral decision of the Treasury in accordance with the provisions of the preceding number 2, the Gestora Society may choose to cede the management of the fund to any of the other management companies that continue to be attached to the Convention or otherwise acceptable to the Treasury. In addition, in the case of the preceding number 2 (a), the Treasury may, as a precautionary measure, require the Management Company to designate temporarily as a substitute for any of the companies that continue to be attached to the Convention or another of their choice that is acceptable to the Treasury. The Treasury may require such a replacement on a definitive basis if the Management Company is finally sanctioned, as well as in the cases of intervention or substitution provided for in Article 32a of the Collective Investment Institutions Act, where the measures are extended for a period of more than one year or, within that period, the withdrawal of the authorisation of the Company as a Management of Collective Investment Institutions is agreed.

In the event that the Convention is resolved by unilateral decision of the Treasury, the Treasury shall give its conformity to the models of the communications to be made to the unit-holders.

Sixth.

This Convention shall be of an administrative nature and shall be governed, in addition to the provisions of the foregoing clauses and in the Ministerial Order of 2002, by the provisions of the rules on the legal status of the Collective Investment Institutions, general rules of administrative law and how many others apply to them.

It shall be for the Director-General of the Treasury and Financial Policy to be precise in order for the conclusion, execution, interpretation, extension, denunciation and resolution of the Convention. Their resolutions shall terminate the administrative procedure, proceeding against them administrative-administrative proceedings in accordance with the provisions of the Law of the Administrative-Administrative Jurisdiction.

ANNEX 2

Convenio-Type of Partnership on Investment Funds in Money Market Assets relative to State Debt (Fondtreasury, FIAMM)

According to Article 104.2 of the recast text of the current General Budget Law, the Order of the Ministry of Economy and Finance of 7 June 1990 ("Official State Gazette" of the 13th) delegated to the Director-General of the Treasury and Financial Policy the ability to hold, on behalf of the State, collaboration agreements on State Debt Investment Funds.

In view of the foregoing, on the one hand, Don ..............., Director General of the Treasury and Financial Policy, on behalf and representation of the Spanish State (hereinafter "the Public Treasury") and, on behalf of another representation of .............., Society Gestora of Collective Investment Institutions (hereinafter the "Gestora Society"), according to the power displayed.

Both parties recognize the ability to grant this Convention, and to this effect they agree to the following.

CLAUSES

First.

This Convention aims to regulate the collaboration between the Public Treasury and the Gestora Society, in order to develop and disseminate a State Debt Investment Fund, called " ................... Fondtreasure, " FIAMM.

The fund, which will be managed by the Gestora Society, in addition to being subject to the legal and regulatory provisions applicable to it, will have the specifications described in the following clauses.

Second.

The investment fund shall have the following specifications which shall be expressly stated in its prospectus, except for the options provided in brackets. Any increase in the fees applied must be communicated to the Treasury in advance and will require the express agreement of the Treasury in order to be applied:

a) Investment criteria:

1.^or 90 per 100 of the fund's assets must be invested in State Debt in any of its modalities or in bonds issued by the "FTSMEs" that have the State's guarantee, the residual life of which is does not exceed the limits laid down in the legislation in force. The State Debt shall be calculated as the State Debt, the Segregated Principal or Segregated Holdings referred to in the Order of 19 June 1997, which governs the operations of segregation of principal and coupons of the securities of the State and its reconstitution and the Directorate-General of the Treasury and Financial Policy is authorised to formalise singular loans with financial institutions.

2.^or The fund may only act in the term markets or derivative financial instruments for the sole purpose of covering the financial risks of its portfolio. However, this limitation shall not affect the acquisition or temporary disposal of assets, nor shall it affect the simultaneous transactions of spot purchase and sale of the State's debt and the simultaneous sale to the spot and purchase of such a debt.

The fund may use the following derivative financial instruments:

(a) Futures contracts, traded on organised derivatives markets, on interest rates.

b) Options contracts, traded on organised derivatives markets, on interest rates.

c) Interest or foreign exchange swap operations.

b) Minimum contribution of members:

The minimum investment required initially for potential participants may not exceed EUR 1,200 [where applicable, a lower figure may be included].

c) Commissions and expenses:

The sum of fees and expenses charged annually to the fund for all concepts shall not exceed 1,15 per 100 [if applicable, a lower figure may be included] of the value of your average daily estate during the financial year. This percentage shall comprise both the commissions that specifically pay the Gestora and the Depositary Society, and all commissions or expenses relating to other concepts (such as audit, administrative costs, services, etc.). exteriors, publication costs, etc.) Only those concepts which, exceptionally and by reason of their special nature, may be authorised by the Treasury, may be charged to the Fund without being charged to the Fund at the request of the Management Company.

Only expenses arising from the use of cheques may be passed on to the unit-holders individually.

d) System of remuneration for members:

The fund will act on a capitalization basis, through the continued reinvestment of the earned income.

Third.

During the term of this Convention, the Treasury is obliged to:

Give the Gestora Company the non-exclusive use of the trademark "Fondoro" and its logos and identifying signs for the sole purpose of the marketing of the fund subject to the Convention.

Provide advertising support for the promotion of the funds under the Convention, subject to the availability of credit for advertising and promotion established annually in the concept applicable to Section 06 (Debt Public) of the General Budget of the State.

Fourth.

In addition to observing the specifications outlined for the background in the second clause of this Convention, the Gestora Society is obliged to:

Where appropriate, use in advertising relating to the fund and expose in a visible place of the network of offices, through which it is marketed, the logos and distinctive signs of "Fondoro" and the Public Treasury, respecting the Rules of the Corporate Identity of the Public Treasury and of "Fondoro". It is necessary that all the communication carried out by "Fondoro" comply with the aforementioned rules, its non-compliance will result in the Treasury's reporting of the agreement signed with the Responsible Gesture.

Refer to the Directorate-General of the Treasury and Financial Policy the information, periodic or occasional, which it requires, in general or in relation to a particular fund. To the extent possible and to prevent the Gestora Society from incurring unnecessary expenses, the information required shall be related to those that the Management Company must provide to the National Securities Market Commission, as soon as the the supervisory body of the Collective Investment Institutions.

Also, the Gestora Company must keep the aforementioned General Directorate informed of how many extremes can be relevant to its activity as a fund management company (modification of the shareholding structure of the company). society, change in the Depositary, etc.).

This reporting obligation extends exclusively to the related or derivative effects of this Convention and shall be without prejudice to the supervisory powers of the Fund and the Management correspond to the National Securities Market Commission.

Fifth.

1. Once this Convention has been signed, it shall apply from the moment of the registration of the fund or the modification of its Management Regulations or its prospectus in the Register of the National Securities Market Commission, and shall extend to 31 December. of January of the following year, being tacitly extendable for periods of twelve months, except express denunciation, freely agreed by any of the parties and communicated in writing before December 31.

2. Without prejudice to the foregoing, the Treasury shall be entitled to unilaterally suspend or terminate the Convention signed with a Management Society, in the following cases:

(a) When the National Securities Market Commission, under the scheme provided for in Chapter V of Title I of the current Collective Investment Institutions Act, agrees to initiate a sanctioning file for possible serious or very serious infringement committed by the Gestora Society, or in respect of any of the intervention or replacement measures referred to in Article 32a of that Law.

(b) Where the Management Company amends the Management Regulation or the prospectus of the fund without the prior consent of the competent body.

(c) When the Gestora Company repeatedly and unjustifiably disclaims the claims of the members to be transferred to it with its favorable report by the Treasury.

(d) When the Management Company fails to comply with the provisions of the Second or Fourth clauses of this Convention.

e) By the accredited non-compliance by the Gestora Society in the advertising campaigns carried out individually, the rules of the Corporate Identity of the Public Treasury and the "Fondoro" or the instructions which, if any, have been sent in writing by the Directorate-General of the Treasury and Financial Policy in connection with the advertising of "Fondoro".

3. If the complaint or resolution of the Convention is produced in accordance with the provisions of the preceding numbers 1 or 2, the Gestora Society shall immediately inform its members in writing.

If the complaint was made at the will of the Gestora Society or the Convention was resolved by unilateral decision of the Treasury in accordance with the provisions of the preceding number 2, the Gestora Society may choose to cede the management of the fund to any of the other management companies that continue to be attached to the Convention or otherwise acceptable to the Treasury. In addition, in the case of the preceding number 2 (a), the Treasury may, as a precautionary measure, require the Management Company to designate temporarily as a substitute for any of the companies that continue to be attached to the Convention or another of their choice that is acceptable to the Treasury. The Treasury may require such a replacement on a definitive basis if the Management Company is finally sanctioned, as well as in the cases of intervention or substitution provided for in Article 32a of the Collective Investment Institutions Act, where the measures are extended for a period of more than one year or, within that period, the withdrawal of the authorisation of the Company as a Management of Collective Investment Institutions is agreed.

In the event that the Convention is resolved by unilateral decision of the Treasury, the Treasury shall give its conformity to the models of the communications to be made to the unit-holders.

Sixth.

This Convention shall be of an administrative nature and shall be governed, in addition to the provisions of the foregoing clauses and in the Ministerial Order of 2002, by the provisions of the rules on the legal status of the Collective Investment Institutions, general rules of administrative law and how many others apply to them.

It shall be for the Director-General of the Treasury and Financial Policy to be precise in order for the conclusion, execution, interpretation, extension, denunciation and resolution of the Convention. Their resolutions shall terminate the administrative procedure, proceeding against them administrative-administrative proceedings in accordance with the provisions of the Law of the Administrative-Administrative Jurisdiction.

ANNEX 3

Convenio-Type of collaboration on Mobilian Investment Funds in State Debt (Fondoro Renta, FIM)

According to Article 104.2 of the recast text of the General Budget Law, the Order of the Ministry of Economy and Finance of 7 June 1990 ("Official State Gazette" of 13) delegated to the Director General Treasury and Financial Policy the ability to hold, on behalf of the State, collaboration agreements relating to State Debt Investment Funds.

In view of the foregoing, on the one hand, Don ..............., Director General of the Treasury and Financial Policy, on behalf and representation of the Spanish State (hereinafter "the Public Treasury") and, on behalf of another representation of .............., Society Gestora of Collective Investment Institutions (hereinafter the "Gestora Society"), according to the power displayed.

Both parties recognize the ability to grant this Convention, and to this effect they agree to the following:

CLAUSES

First.

This Convention aims to regulate the collaboration between the Public Treasury and the Gestora Society, in order to develop and disseminate a State Debt Investment Fund, called " ................... Fondtreasure Renta, " FIM.

The fund, which will be managed by the Gestora Society, in addition to being subject to the legal and regulatory provisions applicable to it, will have the specifications described in the following clauses.

(Only when applicable). By virtue of this Convention the Fund ' ........... Fondoro ", FIM changes its denomination by" ........... Fondtreasure Renta ", FIM, without prejudice to the formalities to be fulfilled under the regulations of the Collective Investment Institutions for the change of denomination.

Second.

The investment fund shall have the following specifications which shall be expressly stated in its prospectus, except for the options provided in brackets. Any increase in the fees applied must be communicated to the Treasury in advance and will require the express agreement of the Treasury in order to be applied:

a) Investment criteria:

1.^or At least 70 per 100 of the fund's assets must be invested in State Debt in any of its modalities or in bonds issued by the "FTSMEs" that have the State's guarantee. For the purposes of this criterion, the investment made in segregated principal or segregated coupons referred to in the Order of 19 June 1997, which governs the segregation operations of principal and coupons of the State debt securities and their reconstitution and the General Directorate of the Treasury and Financial Policy is authorized to formalize singular loans with financial institutions.

2.^or The fund may invest a maximum percentage of 20 per 100 of its total assets in other fixed income securities other than the State Debt denominated in euro, traded on an organised secondary market And provided that they have a credit rating granted by any of the agencies recognized by the National Securities Market Commission equivalent to or higher than A +, A1 or assimilated.

3.^or The fund will define its investment policy as fixed income with a target duration of its [not higher] [higher] to twelve months [higher] portfolio.

4.^or The fund may only act in the term markets or derivative financial instruments for the sole purpose of covering the financial risks of its portfolio. However, this limitation shall not affect the acquisition or temporary disposal of assets, nor shall it affect the simultaneous transactions of spot purchase and sale of the State's debt and the simultaneous sale to the spot and purchase of such a debt.

The fund may use the following derivative financial instruments:

(a) Futures contracts, traded on organised derivatives markets, on interest rates.

b) Options contracts, traded on organised derivatives markets, on interest rates.

c) Interest or foreign exchange swap operations.

b) Minimum contribution of members:

The minimum investment required initially for potential participants shall not exceed EUR 300 [where applicable, a lower figure may be included].

c) Commissions and expenses:

The sum of fees and expenses charged annually to the fund for all concepts shall not exceed [1,50] [1,15] per 100 [1,15 per 100 applies to funds with duration not exceeding twelve months, 1,50 per 100 to funds with a duration of more than 12 months; in both cases, a lower fee may be included in the prospectus) of the value of its average daily assets during the financial year. This percentage shall comprise both the commissions that specifically pay the Gestora and the Depositary Society, and all commissions or expenses relating to other concepts (such as audit, administrative costs, services, etc.). exteriors, publication costs, etc.) Only those concepts which, exceptionally and by reason of their special nature, may be authorised by the Treasury, may be charged to the Fund without being charged to the Fund at the request of the Management Company.

[Optional: The Management Company may individually pass on to the unit-holders a reimbursement fee of no more than 1 per 100 (if applicable, a lower figure may be included in the prospectus) of the value of the shares reimbursed, which shall apply only to reimbursements that occur during the first year of the participation in the fund.]

[Optional: Without prejudice to the foregoing paragraph, it shall apply to the redemption value of the shares that have been acquired within thirty days prior to such repayments, a discount to of the 2 per 100 fund (if applicable, a lower figure may be included in the prospectus) of the value of the shares repaid. For these purposes, the units reimbursed are the ones of the highest seniority.]

d) System of remuneration for members:

The fund will act on a capitalization basis, through the continued reinvestment of the earned income.

Third.

During the term of this Convention, the Treasury is obliged to:

Give the Gestora Company the non-exclusive use of the trademark "Fondoro" and its logos and identifying signs for the sole purpose of the marketing of the fund subject to the Convention.

Provide advertising support for the promotion of the funds under the Convention, subject to the availability of credit for advertising and promotion established annually in the concept applicable to Section 06 (Debt Public) of the General Budget of the State.

Fourth.

In addition to observing the specifications outlined for the background in the second clause of this Convention, the Gestora Society is obliged to:

Where appropriate, use in advertising relating to the fund and expose in a visible place of the network of offices, through which it is marketed, the logos and distinctive signs of "Fondoro" and the Public Treasury, respecting the rules of the corporate identity manuals of the Treasury and of "Fondoro". It is necessary that all the communication carried out by "Fondoro" comply with the aforementioned rules, its non-compliance will result in the Treasury's reporting of the agreement signed with the Responsible Gesture.

Refer to the Directorate-General of the Treasury and Financial Policy the information, periodic or occasional, which it requires, in general or in relation to a particular fund. To the extent possible, and to prevent the Gestora Society from incurring unnecessary expenses, the information required will be related to those that the Gestora Company must provide to the National Securities Market Commission, as soon as possible. the supervisory body of the Collective Investment Institutions.

Also, the Gestora Company must keep the aforementioned General Directorate informed of how many extremes can be relevant to its activity as a fund management company (modification of the shareholding structure of the company). Company, change of depositary, etc.).

This reporting obligation extends exclusively to the related or derivative effects of this Convention and shall be without prejudice to the supervisory powers of the Fund and the Management correspond to the National Securities Market Commission.

Fifth.

1. Once this Convention has been signed, it shall apply from the moment of the registration of the fund or the modification of its Management Regulations or its prospectus in the Register of the National Securities Market Commission, and shall extend to 31 December. of January of the following year, being tacitly extendable for periods of twelve months, except express denunciation, freely agreed by any of the parties and communicated in writing before December 31.

2. Without prejudice to the foregoing, the Treasury shall be entitled to unilaterally suspend or terminate the Convention signed with a Management Society, in the following cases:

(a) When the National Securities Market Commission, under the scheme provided for in Chapter V of Title I of the current Collective Investment Institutions Act, agrees to initiate a sanctioning file for possible serious or very serious infringement committed by the Gestora Society, or in respect of any of the intervention or replacement measures referred to in Article 32a of that Law.

(b) Where the Management Company amends the Management Regulation or the prospectus of the fund without the prior consent of the competent body.

(c) When the Gestora Company repeatedly and unjustifiably disclaims the claims of the members to be transferred to it with its favorable report by the Treasury.

(d) When the Management Company fails to comply with the provisions of the second or fourth clauses of this Convention.

e) By the accredited non-compliance by the Gestora Society in the advertising campaigns that it carries out individually, the norms of the corporate identity manuals of the Public Treasury and the "Fondoro" or the instructions which, if any, have been sent in writing by the Directorate-General of the Treasury and Financial Policy in connection with the advertising of "Fondoro".

3. If the complaint or resolution of the Convention is produced in accordance with the provisions of the preceding numbers 1 or 2, the Gestora Society shall immediately inform its members in writing.

If the complaint was made at the will of the Gestora Society or the Convention was resolved by unilateral decision of the Treasury in accordance with the provisions of the preceding number 2, the Gestora Society may choose to cede the management of the fund to any of the other management companies that continue to be attached to the Convention or otherwise acceptable to the Treasury. In addition, in the case of the preceding number 2 (a), the Treasury may, as a precautionary measure, require the Management Company to designate temporarily as a substitute for any of the companies that continue to be attached to the Convention or another of their choice that is acceptable to the Treasury. The Treasury may require such a replacement on a definitive basis if the Management Company is finally sanctioned, as well as in the cases of intervention or substitution provided for in Article 32a of the Collective Investment Institutions Act, where the measures are extended for a period of more than one year or, within that period, the withdrawal of the authorisation of the Company as a Management of Collective Investment Institutions is agreed.

In the event that the Convention is resolved by unilateral decision of the Treasury, the Treasury shall give its conformity to the models of the communications to be made to the unit-holders.

Sixth.

This Convention shall be of an administrative nature and shall be governed, in addition to the provisions of the foregoing clauses and in the Ministerial Order of 2002, by the provisions of the rules on the legal status of the Collective Investment Institutions, general rules of administrative law and how many others apply to them.

It shall be for the Director-General of the Treasury and Financial Policy to be precise in order for the conclusion, execution, interpretation, extension, denunciation and resolution of the Convention. Their resolutions shall terminate the administrative procedure, proceeding against them administrative-administrative proceedings in accordance with the provisions of the Law of the Administrative-Administrative Jurisdiction.

ANNEX 4

Convenio-Type of collaboration on Investment Funds in Money Market Assets relative to State Debt (Fondoro Renta, FIAMM)

According to Article 104.2 of the recast text of the General Budget Law, the Order of the Ministry of Economy and Finance of 7 June 1990 ("Official State Gazette" of 13) delegated to the Director General Treasury and Financial Policy the ability to hold, on behalf of the State, collaboration agreements relating to State Debt Investment Funds.

In view of the foregoing, on the one hand, Don ..............., Director General of the Treasury and Financial Policy, on behalf and representation of the Spanish State (hereinafter "the Public Treasury") and, on behalf of another representation of .............., Society Gestora of Collective Investment Institutions (hereinafter the "Gestora Society"), according to the power displayed.

Both parties recognize the ability to grant this Convention, and to this effect they agree to the following:

CLAUSES

First.

This Convention aims to regulate the collaboration between the Public Treasury and the Gestora Society, in order to develop and disseminate a State Debt Investment Fund, called " ................... Fondtreasure Renta, " FIAMM.

The fund, which will be managed by the Gestora Society, in addition to being subject to the legal and regulatory provisions applicable to it, will have the specifications described in the following clauses.

(only where applicable) Under this Convention the Fund " ................... Fondtreasure ", FIAMM changes its denomination by" ................... Fondtreasure Renta ", FIAMM, without prejudice to the formalities to be completed under the regulations of the Collective Investment Institutions for the change of denomination.

Second.

The investment fund shall have the following specifications which shall be expressly stated in its prospectus, except for the options provided in brackets. Any increase in the fees applied must be communicated to the Treasury in advance and will require the express agreement of the Treasury in order to be applied:

a) Investment criteria:

1.^or 80 per 100 of the fund's assets must be invested in State Debt in any of its modalities or in bonds issued by the "FTSMEs" that have the State's guarantee, the residual life of which is does not exceed the limits laid down in the legislation in force. The State Debt shall be calculated as the State Debt, the Segregated Principal or Segregated Holdings referred to in the Order of 19 June 1997, which governs the operations of segregation of principal and coupons of the securities of the State and its reconstitution and the Directorate-General of the Treasury and Financial Policy is authorised to formalise singular loans with financial institutions.

2.^or The fund may invest a maximum percentage of 10 per 100 of its total assets in other fixed income securities other than the State Debt denominated in euro, traded on an organised secondary market The term 'residual life' does not exceed the limits laid down in the legislation in force and provided that they have a credit rating granted by one of the agencies recognized by the National Securities Market Commission. equivalent to or greater than A +, A1 or assimilated.

3.^or The fund may only act in the term markets or derivative financial instruments for the sole purpose of covering the financial risks of its portfolio. However, this limitation shall not affect the acquisition or temporary disposal of assets, nor shall it affect the simultaneous transactions of spot purchase and sale of the State's debt and the simultaneous sale to the spot and purchase of such a debt.

The fund may use the following derivative financial instruments:

(a) Futures contracts, traded on organised derivatives markets, on interest rates.

b) Options contracts, traded on organised derivatives markets, on interest rates.

c) Interest or foreign exchange swap operations.

b) Minimum contribution of members:

The minimum investment required initially for potential participants may not exceed EUR 1,200 [where applicable, a lower figure may be included].

c) Commissions and expenses:

The sum of fees and expenses charged annually to the fund for all concepts shall not exceed 1,15 per 100 [if applicable, a lower figure may be included] of the value of your average daily estate during the financial year. This percentage shall comprise both the commissions that specifically pay the Gestora and the Depositary, and all commissions or expenses relating to other concepts (such as audit, administrative expenditure, external services, etc.). publication costs, etc.) Only those concepts which, exceptionally and by reason of their special nature, may be authorised by the Treasury, may be charged to the Fund without being charged to the Fund at the request of the Management Company.

Only expenses arising from the use of cheques may be passed on to the unit-holders individually.

d) System of remuneration for members:

The fund will act on a capitalization basis, through the continued reinvestment of the earned income.

Third.

During the term of this Convention, the Treasury is obliged to:

Give the Gestora Company the non-exclusive use of the trademark "Fondoro" and its logos and identifying signs for the sole purpose of the marketing of the fund subject to the Convention.

Provide advertising support for the promotion of the funds under the Convention, subject to the availability of credit for advertising and promotion established annually in the concept applicable to Section 06 (Debt Public) of the General Budget of the State.

Fourth.

In addition to observing the specifications outlined for the background in the second clause of this Convention, the Gestora Society is obliged to:

Where appropriate, use in advertising relating to the fund and expose in a visible place of the network of offices, through which it is marketed, the logos and distinctive signs of "Fondoro" and the Public Treasury, respecting the rules of the corporate identity manuals of the Treasury and of "Fondoro". It is necessary that all the communication carried out by "Fondoro" comply with the aforementioned rules, its non-compliance will result in the Treasury's reporting of the agreement signed with the Responsible Gesture.

Refer to the Directorate-General of the Treasury and Financial Policy the information, periodic or occasional, which it requires, in general or in relation to a particular fund. To the extent possible, and to prevent the Gestora Society from incurring unnecessary expenses, the information required will be related to those that the Gestora Company must provide to the National Securities Market Commission, as soon as possible. the supervisory body of the Collective Investment Institutions.

Also, the Gestora Company must keep the aforementioned General Directorate informed of how many extremes can be relevant to its activity as a fund management company (modification of the shareholding structure of the company). Company, change of depositary, etc.).

Fifth.

1. Once this Convention has been signed, it shall apply from the moment of the registration of the fund or the modification of its Management Regulations or its prospectus in the Register of the National Securities Market Commission, and shall extend to 31 December. of January of the following year, being tacitly extendable for periods of twelve months, except express denunciation, freely agreed by any of the parties and communicated in writing before December 31.

This reporting obligation extends exclusively to the related or derivative effects of this Convention and shall be without prejudice to the supervisory powers of the Fund and the Management correspond to the National Securities Market Commission.

2. Without prejudice to the foregoing, the Treasury shall be entitled to unilaterally suspend or terminate the Convention signed with a Management Society, in the following cases:

(a) When the National Securities Market Commission, under the scheme provided for in Chapter V of Title I of the current Collective Investment Institutions Act, agrees to initiate a sanctioning file for possible serious or very serious infringement committed by the Gestora Society, or in respect of any of the intervention or replacement measures referred to in Article 32a of that Law.

(b) Where the Management Company amends the Management Regulation or the prospectus of the fund without the prior consent of the competent body.

(c) When the Gestora Company repeatedly and unjustifiably disclaims the claims of the members to be transferred to it with its favorable report by the Treasury.

(d) When the Management Company fails to comply with the provisions of the second or fourth clauses of this Convention.

e) By the accredited non-compliance by the Gestora Society in the advertising campaigns carried out individually, by the norms of the corporate identity manuals of the Public Treasury and the "Fondoro" or the instructions which, if any, have been sent in writing by the Directorate-General of the Treasury and Financial Policy in connection with the advertising of "Fondoro".

3. If the complaint or resolution of the Convention is produced in accordance with the provisions of the preceding numbers 1 or 2, the Gestora Society shall immediately inform its members in writing.

If the complaint was made at the will of the Gestora Society or the Convention was resolved by unilateral decision of the Treasury in accordance with the provisions of the preceding number 2, the Gestora Society may choose to cede the management of the fund to any of the other management companies that continue to be attached to the Convention or otherwise acceptable to the Treasury. In addition, in the case of the preceding number 2 (a), the Treasury may, as a precautionary measure, require the Management Company to designate temporarily as a substitute for any of the companies that continue to be attached to the Convention or another of their choice that is acceptable to the Treasury. The Treasury may require such a replacement on a definitive basis if the Management Company is finally sanctioned, as well as in the cases of intervention or substitution provided for in Article 32a of the Collective Investment Institutions Act, where the measures are extended for a period of more than one year or, within that period, the withdrawal of the authorisation of the Company as a Management of Collective Investment Institutions is agreed.

In the event that the Convention is resolved by unilateral decision of the Treasury, the Treasury shall give its conformity to the models of the communications to be made to the unit-holders.

Sixth.

This Convention shall be of an administrative nature and shall be governed, in addition to the provisions of the foregoing clauses and in the Ministerial Order of 2002, by the provisions of the rules on the legal status of the Collective Investment Institutions, general rules of administrative law and how many others apply to them.

It shall be for the Director-General of the Treasury and Financial Policy to be precise in order for the conclusion, execution, interpretation, extension, denunciation and resolution of the Convention. Their resolutions shall terminate the administrative procedure, proceeding against them administrative-administrative proceedings in accordance with the provisions of the Law of the Administrative-Administrative Jurisdiction.

ANNEX 5

Convenio-Type of collaboration on Mobilian Investment Funds in State Debt (Fondoro Plus, FIM)

According to Article 104.2 of the recast text of the General Budget Law, the Order of the Ministry of Economy and Finance of 7 June 1990 ("Official State Gazette" of 13) delegated to the Director General Treasury and Financial Policy the ability to hold, on behalf of the State, collaboration agreements relating to State Debt Investment Funds.

In view of the foregoing, on the one hand, Don ..............., Director General of the Treasury and Financial Policy, on behalf and representation of the Spanish State (hereinafter "the Public Treasury") and, on behalf of another representation of .............., Society Gestora of Collective Investment Institutions (hereinafter the "Gestora Society"), according to the power displayed.

Both parties recognize the ability to grant this Convention, and to this effect they agree to the following:

CLAUSES

First.

This Convention aims to regulate the collaboration between the Public Treasury and the Gestora Society, in order to develop and disseminate a State Debt Investment Fund, called " ................... Fondtreasure Plus ", FIM.

The fund, which will be managed by the Gestora Society, in addition to being subject to the legal and regulatory provisions applicable to it, will have the specifications described in the following clauses.

Second.

The investment fund shall have the following specifications which shall be expressly stated in its prospectus, except for the options provided in brackets. Any increase in the fees applied must be communicated to the Treasury in advance and will require the express agreement of the Treasury in order to be applied:

a) Investment criteria:

1.^or At least 70 per 100 of the fund's assets must be invested in State Debt in any of its modalities or in bonds issued by the "FTSMEs" that have the State's guarantee. For the purposes of this criterion, the investment made in segregated principal or segregated areas referred to in the Order of 19 June 1997 governing the segregation operations of principal and coupons of the State debt securities and their reconstitution and the General Directorate of the Treasury and Financial Policy is authorized to formalize singular loans with financial institutions.

2.^or The fund may invest a maximum percentage of 20 per 100 of its total assets in variable income securities of IBEX 35 and in other fixed income securities other than the State Debt euro, negotiated in a Spanish secondary market and provided that they have a credit rating given by any of the agencies recognized by the National Securities Market Commission equivalent or higher than A +, A1 or assimilated. However, the fund may invest a maximum percentage of 15 per 100 of its total assets in variable income securities of IBEX 35.

3.^or The fund may only act in the term markets or derivative financial instruments for the sole purpose of covering the financial risks of its portfolio. However, this limitation shall not affect the acquisition or temporary disposal of assets, nor shall it affect the simultaneous transactions of spot purchase and sale of the State's debt and the simultaneous sale to the spot and purchase of such a debt.

The fund may use the following derivative financial instruments:

(a) Contracts for futures, traded on organised derivatives markets, on interest rates or variable income.

(b) Options contracts, traded on organised derivatives markets, on interest rates or variable income.

c) Interest or foreign exchange swap operations.

b) Minimum contribution of members:

The minimum investment required initially for potential participants shall not exceed EUR 300 [where applicable, a lower figure may be included].

c) Commissions and expenses:

The sum of fees and expenses charged annually to the fund for all concepts shall not exceed 1,50 per 100 [where applicable, a lower figure may be included] of the value of your average daily equity during the financial year. This percentage shall comprise both the commissions that specifically pay the Gestora and the Depositary Society, and all commissions or expenses relating to other concepts (such as audit, administrative costs, services, etc.). exteriors, publication costs, etc.) Only those concepts which, exceptionally and by reason of their special nature, may be authorised by the Treasury, may be charged to the Fund without being charged to the Fund at the request of the Management Company.

[Optional: The Management Company may individually pass on to the unit-holders a reimbursement fee of no more than 1 per 100 (if applicable, a lower figure may be included in the prospectus) of the value of the shares reimbursed, which shall apply only to reimbursements that occur during the first year of the participation in the fund.]

[Optional: Without prejudice to the foregoing paragraph, it shall apply to the redemption value of the shares that have been acquired within 30 days prior to such repayments, a discount to the a fund which may not exceed 2 per 100 (if applicable, a lower figure may be included in the prospectus) of the value of the shares repaid. For these purposes, the units reimbursed are the ones of the highest seniority.]

d) System of remuneration for members:

The fund will act on a capitalization basis, through the continued reinvestment of the earned income.

Third.

During the term of this Convention, the Treasury is obliged to:

Give the Gestora Company the non-exclusive use of the trademark "Fondoro" and its logos and identifying signs for the sole purpose of the marketing of the fund subject to the Convention.

Provide advertising support for the promotion of the funds under the Convention, subject to the availability of credit for advertising and promotion established annually in the concept applicable to Section 06 (Debt Public) of the General Budget of the State.

Fourth.

In addition to observing the specifications outlined for the background in the second clause of this Convention, the Gestora Society is obliged to:

Where appropriate, use in advertising relating to the fund and expose in a visible place of the network of offices, through which it is marketed, the logos and distinctive signs of "Fondoro" and the Public Treasury, respecting the rules of the corporate identity manuals of the Treasury and of "Fondoro". It is necessary that all the communication carried out by "Fondoro" comply with the aforementioned rules, its non-compliance will result in the Treasury's reporting of the agreement signed with the Responsible Gesture.

Refer to the Directorate-General of the Treasury and Financial Policy the information, periodic or occasional, which it requires, in general or in relation to a particular fund. To the extent possible, and to prevent the Gestora Society from incurring unnecessary expenses, the information required will be related to those that the Gestora Company must provide to the National Securities Market Commission, as soon as possible. the supervisory body of the Collective Investment Institutions.

Also, the Gestora Company must keep the aforementioned General Directorate informed of how many extremes can be relevant to its activity as a fund management company (modification of the shareholding structure of the company). Company, change of depositary, etc.).

This reporting obligation extends exclusively to the related or derivative effects of this Convention and shall be without prejudice to the supervisory powers of the Fund and the Management correspond to the National Securities Market Commission.

Fifth.

1. Once this Convention has been signed, it shall apply from the moment of the registration of the fund or the modification of its Management Regulations or its prospectus in the Register of the National Securities Market Commission, and shall extend to 31 December. of January of the following year, being tacitly extendable for periods of twelve months, except express denunciation, freely agreed by any of the parties and communicated in writing before December 31.

2. Without prejudice to the foregoing, the Treasury shall be entitled to unilaterally suspend or terminate the Convention signed with a Management Society, in the following cases:

(a) When the National Securities Market Commission, under the scheme provided for in Chapter V of Title I of the current Collective Investment Institutions Act, agrees to initiate a sanctioning file for possible serious or very serious infringement committed by the Gestora Society, or in respect of any of the intervention or replacement measures referred to in Article 32a of that Law.

(b) Where the Management Company amends the Management Regulation or the prospectus of the fund without the prior consent of the competent body.

(c) When the Gestora Company repeatedly and unjustifiably disclaims the claims of the members to be transferred to it with its favorable report by the Treasury.

(d) When the Management Company fails to comply with the provisions of the second or fourth clauses of this Convention.

e) By the accredited non-compliance by the Gestora Society in the advertising campaigns that it carries out individually, the norms of the corporate identity manuals of the Public Treasury and the "Fondoro" or the instructions which, if any, have been sent in writing by the Directorate-General of the Treasury and Financial Policy in connection with the advertising of "Fondoro".

3. If the complaint or resolution of the Convention is produced in accordance with the provisions of the preceding numbers 1 or 2, the Gestora Society shall immediately inform its members in writing.

If the complaint was made at the will of the Gestora Society or the Convention was resolved by unilateral decision of the Treasury in accordance with the provisions of the preceding number 2, the Gestora Society may choose to cede the management of the fund to any of the other management companies that continue to be attached to the Convention or otherwise acceptable to the Treasury. In addition, in the case of the preceding number 2 (a), the Treasury may, as a precautionary measure, require the Management Company to designate temporarily as a substitute for any of the companies that continue to be attached to the Convention or another of their choice that is acceptable to the Treasury. The Treasury may require such a replacement on a definitive basis if the Management Company is finally sanctioned, as well as in the cases of intervention or substitution provided for in Article 32a of the Collective Investment Institutions Act, where the measures are extended for a period of more than one year or, within that period, the withdrawal of the authorisation of the Company as a Management of Collective Investment Institutions is agreed.

In the event that the Convention is resolved by unilateral decision of the Treasury, the Treasury shall give its conformity to the models of the communications to be made to the unit-holders.

Sixth.

This Convention shall be of an administrative nature and shall be governed, in addition to the provisions of the foregoing clauses and in the Ministerial Order of 2002, by the provisions of the rules on the legal status of the Collective Investment Institutions, general rules of administrative law and how many others apply to them.

It will be up to the Director General of the Treasury and Financial Policy to be precise in order for the conclusion, execution, interpretation, extension, denunciation and resolution of the Convention. Their resolutions shall terminate the administrative procedure, proceeding against them administrative-administrative proceedings in accordance with the provisions of the Law of the Administrative-Administrative Jurisdiction.