Order Of 12 July 1993 On Brochures And Other Developments Of The Real Decree 291/1992, Of 27 March, On Emissions And Public Offerings Of Securities For Sale.

Original Language Title: Orden de 12 de julio de 1993 sobre folletos informativos y otros desarrollos del Real Decreto 291/1992, de 27 de marzo, sobre emisiones y ofertas públicas de venta de valores.

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
This ministerial order develops the Real Decree 291/1992, 27 March, on emissions and public sale of securities offerings, and complete the process of transposition of various directives on the stock market: thus, the leaflets of emissions and public offers of securities (directives 89/298 and 90/211), brochures of admission to trading stock market (directives 80/390 and 87/345) and brochures of collective investment institutions (Directive 85 /) 611). the rule establishes a common schema for the different types of brochure must be submitted to the National Commission of the stock market on the occasion of issuances, admission to stock exchange trading and marketing of collective investment institutions, although it provides specialties that cater to the nature of the securities or of the persons or authorities.


The news contained in the order include the obligation of annual update of the prospectus in collective investment undertakings; the rules applicable to simultaneous bids values in Spain and other Member States of the European Community, as recognised in our country the prospectus registered in other States, provided that complete with certain information relevant to the Spanish investor; or the establishment of a maximum period of one year for the subscription or placement of values corresponding to a same issue or public offer.


Additional provisions regulate the prospectuses of admission to trading stock market, highlighting the relative to the recognition in Spain of the brochures verified by the authorities of other Member States of the community. Finally, the fourth additional provision regulates the brochure applicable to public offers of sale of securities already listed, in order to ensure transparency of information of this type of operation is similar to the total emissions from values.


By virtue, report of the Committee Advisory from the National Commission of the market of stock, D I S P O N G O: first. Models of the brochure.


1. the information leaflets of emissions and public offers of transferable securities which, in accordance with the provisions of articles 5.2 and 29.1 of the Royal Decree 291/1992, of 27 March, need to be verified and registered by the National Commission of the stock market as a prerequisite to the realization of those, conform to models supplied as annexes to the present order.


2. to the model of Annex A (equity) will be adjusted emissions and public offers of stocks, participatory shares and other securities whose performance is linked to the economic evolution of the CA, including emissions of shares forming part of a process of successive Foundation of societies. This model also applies to public offers of sale of preferential rights of subscription with rights of allocation of equities.


3. to the model of Annex B (fixed income) emissions and public sale of bonds and other securities of parts of loan offerings, will be adjusted even when they include subordinate clauses; bills of Exchange; promissory notes; certificates of deposit; certificates, bonds and mortgage holdings; and other values which are negotiable, granted the right or the possibility of obtaining compensation independent of the economic evolution of the CA. Likewise, shall be submitted in accordance with Annex B prospectuses relating to values that granted the option to acquire a holding in the issuer or another, with independence in addition exists or not clause of interests, income or remuneration of the cited type.


Provided that it does not exceed the maximum duration that is set in the seventh issue of this order, in continuous or open emission of homogeneous values programs may be submitted to the National Commission of the stock market a unique comprehensive prospectus of the programme, adapted to the model of Annex B.


4. when the issuer of the securities offered publicly is a natural person shall apply Annex C.


5. Annex D shall apply to emissions and public offers of sale of securities by the following types of public entities:-National Institute of industry, National Institute of hydrocarbons, Instituto de crédito Oficial, RENFE and other entities which, dependent on the Spanish State or the autonomous communities, shall not take the form of mercantile society, provided that they are subject to financial control provided for in article 17 of the text of the General Law on budgetary , or the analogous to the established laws of the respective autonomous communities.


-Spanish local entities and entities of them dependent who shall not take the form of commercial company and are subject to the financial control provided for in chapter IV of the law regulating local treasuries.


-International organizations of public and foreign States.


6. to the model of Annex E shall be adjusted emissions and public offers of sale of securities of investment interest, both fixed capital and variable capital companies.


Also will adjust to this model the prospectus which, in accordance with article 10, 1, at), of Royal Decree 1393 / 1990, of 2 November, should be drawn these companies at the time of its registration in the corresponding administrative register. This brochure must be updated annually, once the report of audit of accounts of the previous financial year are available. The annual updated booklet will adapt to the annex E; the National Commission of the stock market shall determine the term and the conditions of their presentation and use.


7. the prospectus which, in accordance with the provision referred to in the preceding paragraph, if, in addition, submitted for investment funds and investment funds in money market assets at the time of its registration in the corresponding administrative records, shall comply with Annex F. This same model of booklet will also be the usable in case of establishment of the Fund by the public subscription of its stakes procedure provided for in article 36 of the Royal Decree 1393 / 1990, of 2 November.


Anyone who would have been the form of Constitution of the investment fund, the brochure is updated annually, once the audit of accounts of the previous financial year report is available. Also you must update the booklet in any of the cases referred to in article 35.2 of the Real Decreto 1393 / 1990, of 2 November, entitling to free refund of contributions. The updated brochure will adapt to the annex F; the National Commission of the stock market shall determine the term and conditions of their presentation and use.


8. the brochures of other institutions for collective investment subject to the system of law 46/1984, of 26 December, and not referred to in the two preceding paragraphs of this article, shall be adjusted, in the absence of special standard, to the extent allowed by its specific characteristics, models E and F and its regime of use , according to the legal form of the institution concerned.


9. without prejudice to the provisions of the preceding paragraphs, the National Commission of the stock market may require the issuer or offeror to include in the prospectus how much additional information it deems necessary for the appropriate information and investor protection and transparency of the market. Also, the National Commission of the stock market, in order to facilitate the analysis and understanding of the brochure, may include or included in the same warnings or explanations.


Similarly, the National Commission of the stock market may dispense in the brochure include information that, by its limited relevance and nature, does not influence the evaluation of the values or heritage, the financial situation or the results and prospects of the issuer. Dispensation may also reach out to others whose disclosure is contrary to the public interest or involve a prejudice to the issuer, provided that the lack of publication do not mislead the public with regard to facts and circumstances essential for assessment of the securities in question.


Second. Forms of presentation of the brochure.


1. the brochures referred to in the previous number, with the exception of Annex F model, may be submitted to the National Commission of the stock market's reduced form when, with previous character, a complete or incomplete brochure referred to the same issuer, provided that the final financial statements that incorporate the latter do not relate to an earlier date is entered in more than 15 months of presentation of the small booklet.


2 a the purposes specified in the preceding paragraph means: to) full brochure: which present all the chapters that are demanded in the annexes of this order in each case.


(b) incomplete brochure: which present all the aforementioned chapters, except the second. Incomplete brochures only may be submitted after the formulation and accounting verification of annual accounts corresponding to the period immediately preceding that which presents this brochure, and, in any case, before the expiration date of a month counting from the date of approval of these accounts by the competent social organ.
(c) reduced pamphlet: which only consists of chapters first and second, most express and prominent mention to complete or incomplete brochure that complements it. However, when financial statements containing the corresponding complementary brochure refer to an earlier date in more than six months of presentation of the small booklet, necessarily must be included in the latter, as an annex, States financial, provisional or definitive, closed in less than the abovementioned advance.


Third party. Securities issued by financial institutions subject to prudential supervision.


1 when the CA of the values that they intend to publicly offer any of the subject to the supervision of the Bank of Spain or the General direction of the insurance, the National Commission of the stock market shall ask the issuer or offeror accreditation obtained from the aforementioned supervisory bodies that report favorable on the content of the prospectus. This report shall serve to all chapters of the booklet, except the second, and will be limited to verify the consistency of the information contained in these chapters with annual accounts and report of management public and audited, with the data appearing in corresponding to such agencies administrative records and other public data.


This report should be submitted simultaneously by the supervisory agency to the person concerned and the National Commission of the stock market.


2. for the purposes of the provisions of the preceding paragraph, means that there is favourable if within twenty days after receipt by the Bank of Spain or the General address of insurance of the corresponding project of prospectus the supervisory agency had not ruled explicitly.


When the project's brochure is presented simultaneously on the National Commission of the stock market and the agency competent supervisor, this period of twenty days will be subsumed within a maximum period of one month for all the procedure of verification of emissions or public offerings is fixed in article 8.2 of the Royal Decree 291/1992 , 27 March.


Room. Share issues related to processes of merger or demerger.


Emissions of shares linked to processes of merger or spin-off, when any of the companies involved in them is subject to update duty laid down in article 13 of the Royal Decree 291/1992, of 27 March, shall comply with the requirements laid down in article 5(2) of the same Royal Decree in the following terms: 1. the requirements of the letters to) and b) of the mentioned article 5(2) shall relate to the merger agreements or Division adopted by General meetings of all the companies participating in the process.


(2. the requirement in point (c)) shall be concerned: in the case of fusion, fusion of all participating societies balances, accompanied by their corresponding audit reports, as provided for in article 239 of the revised text of the companies act.


In the case of Division, to the financial statements that represent no monetary heritage of the society or societies that become detached from, accompanied by the report of independent experts referred to in article 256 of the text Refundido of the corporations law.


(3. the prospectus referred to in point (d)) it will consist of documentation in number 1 of article 238 of the revised text of the law of corporations, it is a fusion, or in the third section of the chapter VIII, section three of the same Act, if it is a split, and it will be signed, by mutual agreement , by representatives of all the participating companies in the process.


The edition of this booklet and its conditions of access to the public implementation must occur before the beginning of any of the periods of the shares of the companies absorbed or breakaway that emit absorbent or beneficiary societies of the spin-off.


Fifth. Concurrent offerings of securities of Spanish issuers.


1. in the case of broadcasts or public offers of sale of securities whose issuer has registered offices in Spain and which take place simultaneously or in upcoming dates in the Spanish market and the of one or more other Member States of the European communities, the prospectus corresponding to the total volume of the same shall be verified and recorded previously by the National Commission of the stock market and the issuer or offeror give transfer thereof to the competent authorities of the other Member States in which occurs the issuance or initial public offering.


The contents of the brochure in this so-called shall comply with the provisions of this order, without prejudice to the additional information whose inclusion can require the competent authorities of the other Member States.


2. for the purposes of the provisions of the preceding paragraph, means that an issue or public offer of sale of securities is carried out in upcoming dates in the Spanish market and another or other States when the opening of the public subscription period in Spain and in the State concerned mediate a period not exceeding three months.


Sixth. Concurrent offerings of securities of issuers community.


1 when in the case of emissions or public offerings of sale of securities carried out simultaneously or in upcoming dates in the Spanish market and the one or more other States, in accordance with paragraph 2 of the previous issue, the issuer of the securities has its head office in another Member State of the European communities, just the presentation of the prospectus that has been subjected to prior control by the competent authority of that State , or of another Member State that perform broadcast or public offering, not taken place at that.


Still, this brochure will add you the following additional information: to) regime of personal taxation on the income derived from the securities being offered, according to the Spanish tax legislation at the time of filing the prospectus, distinguishing between resident and non-resident subscribers. Describe each tax regime with sufficient amplitude, literally transcribing the applicable legal provisions when necessary for a proper understanding. The information shall include not only the form of integration into the base of the inverter of the income values are likely to produce, but also possible withholdings or payments on account and subject to practice them, as well as formal type duties that may be required in relation to investment, such as filing or delivery of certificates of acquisition.


b) in the case that the values offered are devoid of a typical legal regime in the Spanish law or involve variations on the typical regime laid down in the Spanish legal provisions, must define the legal regime of values, with specification of the procedures that guarantee the certainty and effectiveness of rights and first holder of the following.


Reasoned justification that the legal regime intended for warranties that incorporate and values do not oppose provisions of Spanish peremptory norms will also be included.


(c) entity or entities responsible for the placement and marketing of values in Spain, which must be at least one or more of those authorized to do so in accordance with articles 71 and 76 of the law of the stock market. Also specify the entity or entities responsible in Spain of financial service derived from the securities being offered.


(d) if the values were to be negotiated on a Spanish stock exchange, will be referred to the foreign entity enabled to maintain on deposit or registered values pertaining to the Spanish market and, where appropriate, the financial institution responsible for the maintenance of the correspondence between the account balances of the values in the service of clearing and settlement of securities and the deposited or registered in the aforesaid foreign entity , pursuant to article 35 of the Royal Decree 116/1992, of February 14, on representation of securities through a book-entry account and clearing and settlement of stock exchange transactions.


Where appropriate, these same mentions will be made if the values were to be negotiated in a different bag Spanish secondary market.


(e) mode of publication of the information intended for Spanish investors, whether the information specified in article 32 of the Royal Decree 291/1992, of 27 March, or any other, either compulsory or voluntary, may disclose the person or entity issuing or offering, or who act on their own.


The prospectus and the related additional information must be submitted to the National Commission for the official translator translated to the Spanish stock market.


2. in the case of public offers of sale of securities which have been admitted to trading on a stock exchange in another Member State of the European communities within six months prior to the opening date in the Spanish of the period of acquisition market, admission brochure approved by the authorities of the competent EU State will serve for the purposes of the preceding paragraph Notwithstanding that the brochure be presented officially translated into the Spanish and add to it the information cited in that number and the necessary about the circumstances of the public offering in Spain.


Seventh. Maximum emissions, offers and programs.
1. for the purposes referred to in article 4, fourth paragraph, of the Royal Decree 291/1992, of 27 March, shall be one year the maximum duration of the period of subscription or placement of all emissions and public offerings of securities, with the exception of the actions of Variable Capital investment companies and shares of investment funds. It may not exceed the maximum length for application of extensions to the period of subscription or placement initially set, anticipation of successive instalments, expansions in the offered amount, or any other similar cause.


2. to the same effects as those mentioned in the preceding paragraph, the maximum duration of programmes of continuous or open emission of homogeneous values is established in one year, counting from the date set for your first subscription, unless its extension is supported for the reasons set out in that section. If all or part of the securities comprising the program had a less than year repayment term, means, except that of the supporting documents of the issuance agreements fall off otherwise, that the amount or maximum volume covered by a same brochure is in terms of outstanding balance and, therefore, while it has not expired the maximum program duration values may be renewed as they are being amortized.


3 the maximum periods established in this seventh issue still must be respected when the total amount of issuance, offer or program has not been fully subscribed or acquired.


4 a effects of if there is or not the partial exception provided for in subparagraph (b)) of number 1 of article 7.del Royal Decree 291/1992, of 27 March, the amount of 500 million pesetas referred to in that paragraph shall referred to all homogeneous securities issued by the same issuer within the period of one year.


Eighth. Non-communicable values to third parties.-values with repayment term exceeding 12 months issued by entities to which paragraphs refer a) and b) of the second paragraph of article 76 of the law of the stock market, provided that they negotiated exclusively between the CA and its clientele, are not subject to the requirements set out in paragraph 2 of article 5 of the Royal Decree 291/1992 , 27 March.


It empowers the National Commission of the stock market to condition, in General, the application of this exception to the non-use, as the cited values, expressions that may give rise to confusion with other typical of the securities markets.


Ninth. Information about the outcome of the placement.


1. when, in accordance with the regulations in force, to carry out a broadcast, a broadcast program or a public sale of securities offering are mandatory submission and prior registration at the National Commission of the stock market of a prospectus, the issuer or Offeror must also send the Agency cited information about the outcome of the procurement procedure employee and dissemination achieved placement. Except the above emissions and public offers of shares of companies of investment Variable Capital and shares of investment funds.


If it's emissions or public offers of securities convertible into other securities or that they granted option to buy other securities, information should include data on the extent that schools of conversion or option has been exercised.


This information you will present disaggregated, distinguishing, on the one hand, between national and foreign investment, and, on the other, between institutional and private investment in accordance with all this models and instructions established the National Commission of the stock market.


2 the information concerning this issue must be submitted within the following time limits: to) emissions, programs or public offerings, whose subscription or placement period is equal to or less than three months within thirty days after the end of that period.


(b) emissions, programs or public offerings, whose subscription or placement period longer than three months: the information must be provided concerning each natural quarter ending during that period, during the thirty days following each completion. In addition, information regarding full placement within thirty days will be provided starting from the end of the subscription period.


Tenth. Emissions values in pesetas by non-residents.


1. persons or entities not resident in Spain who intend to carry out emission of obligations or other securities denominated in pesetas, shall, prior to the start of unionization among the entities that were directed to ensure the emission or, in another case, prior to offering to the public of the values, to communicate to the General direction of Treasury and financial policy of the planned broadcast features and in particular, the following: amount of the issuance and financial characteristics of the values that are intended to broadcast.


Market in it intended to carry out the placement of values and, especially, activities of marketing or promotion in Spain of the values.


If directors and insurance entities of the issue you have designated, as well as paying agent.


2. the Directorate-General of Treasury and financial policy, once received all the information referred to in the preceding paragraph, shall be determined within the period of ten days if the projected issuance are or not subject to the requirements laid down in articles 5 et seq. of Royal Decree 291/1992, of 27 March, on emissions and public sale of securities offerings communicate the decision to the interested parties and the National Commission of the stock market. If it deemed necessary, may require the inclusion of a clause of the documentation relating to the emission which warn that the values may not be marketed in Spain.


If within this period had not occurred express resolution, means that the projected operation is not subject to the above requirements.


ADDITIONAL provisions first. Brochure for admission to trading on Stock Exchange issuers Spanish-1. In accordance with the provisions of article 32 of the law of the stock market, brochures of admission of securities to trading on stock exchange conform also to the annexes of the present order.


If the end of the period of subscription or acquisition of a broadcast or public offering and the filing of the application and other documents necessary for the admission to trading on the stock exchange runs a period exceeding three months, or if such issue or public offer it had been exempted from the prospectus requirement but it was not for his admission in bag It must be presented, so that admission could take place, a brochure adapted to the annexes of the present order, which may qualify for expected on brochure reduced in the second number. In other cases, simply submit a brochure simplified with data relating to the dissemination achieved placement and other related issues, in terms that establishes the National Commission through circular before the National Commission of the stock market.


Shares in the companies of investment Variable Capital, which will present a unique brochure of emission and simultaneous admission to stock market trading are exempted as provided in the preceding paragraph.


2. when for a few same securities issued by an entity that has its headquarters in Spain occur simultaneously, or in upcoming dates, applications for admission to trading on the Spanish stock exchange and in other community bags, the corresponding prospectus for admission will be that approved by the National Commission of the market of securities, pursuant to the provisions of paragraph 1 above. The National Commission shall issue to the competent authorities of other States members that admission a certificate is made to contain such approval is requested.


The contents of the brochure in this so-called snaps to the annexes of this order, without prejudice to the additional information whose inclusion can require the competent authorities of other Member States.


For the purposes of this section, it shall be considered that applications for admission to trading on stock exchange occur in upcoming dates when between the presentation in Spain and in the other States members where it had not spent more than six months.
The second. Brochures for admission to trading on Stock Exchange issuers community.-1. The information leaflets of concurrent offerings of securities of issuers community approved by the competent authorities of a Member State of the European communities other than Spain, referred to in the sixth number of the present order, will also serve for the admission to trading of the values on the Spanish stock exchanges, provided that they are with the official translation and the additional information required under article , and not more than three months had elapsed between the end of the period of subscription or acquisition in Spain and the corresponding request for admission to trading. However, when submitting the necessary documentation to proceed to the admission of the securities on stock exchange must provide a supplement booklet with data relating to the dissemination achieved placement in Spain of values and other related issues, in terms that establishes the National Commission of the stock market through circular.


2. when for some same securities issued by an entity that has its registered office in a Member State of the European communities other than Spain, and that they have not been offered publicly on the Spanish market with previous character or having been, had exceeded the time limit referred to in number 1 of this additional provision, are presented at the same time , or upcoming dates, requests for admission to trading on the Spanish stock exchange and in other community bags, the corresponding prospectus for admission shall be approved by the competent authorities of the State of the seat of the issuer, or, where appropriate, of the Member State in which the application has been submitted. However, this brochure is add you additional information that is related in the sixth issue of this order, arising before the National Commission of the stock market both as additional information brochure, the Spanish translated by an official translator.


For purposes of this paragraph, it shall be considered that applications for admission to trading on stock exchange occur in upcoming dates when between the presentation in Spain and in the other States members which has been made had not spent more than six months.


Third. Brochure for admission to trading on the secondary market of bags Spanish.-However the provisions of paragraph 1 of the first additional provision of this order, the complete brochures of admission of securities to trading on the secondary market of the Spanish stock exchanges, where its presentation in accordance with that paragraph, they shall be adapted to the annex to the order of 26 September 1986 on development of the Royal Decree 710/1986, of April 4, which creates a second stock market on the stock exchanges and amending the conditions of entry into service of fixed income securities.


-Fourth. Public offers of securities admitted to trading on bag-carrying out, aside from established contracting systems, public offers of securities admitted to trading on stock exchange require the presentation prior to the National Commission of the stock market of a brochure adapted to the annexes of this order, which shall be recorded, edited and disseminated pursuant to chapter IV of the Royal Decree 291/1992 , 27 March.


When the transmitter was current periodic obligations of public stock market information, brochure can be reduced, according to the second number of this order. If it were in effect a supplementary booklet, this will be along with the reduced.


If the issuer breach cited periodic reporting obligations, it will be necessary to present a full prospectus for the realization of public offerings referred to in this provision.


REPEALING provision on the date of entry into force of this order shall be repealed all provisions of equal or lower rank, who are opposed to its content and, in particular, the following: order of November 17, 1981, on financial information of the entities issuing securities.


The order of 24 May 1983, on advertisement and circulation of fixed income securities.


The order of 15 October 1985, by which develop various aspects of the Royal Decree 1346 / 1985 of 17 July.


The eighth number of the order of 26 July 1989, of article 86 of the law of the stock market development, which provided remission to the General direction of Treasury and financial policy of the financial statements of a public nature and their corresponding reports of audit by the companies and securities agencies and other entities.


The seventh number of the order of 20 December 1990, which is partially developed the regulation of the law 46/1984, of 26 December, regulating collective investment institutions, which provided remission to the General direction of Treasury and financial policy of the public financial statements and reports of audit by collective investment institutions and their management companies.


DISPOSAL 1. It empowers the National Commission of the stock market to enact provisions whereby approval of specific models of the prospectus referred to in this order to CAs are subjected to the supervision of the Bank of Spain, the General direction of the insurance or the own national Commission of the stock market, except in the latter case of financial collective investment undertakings. The scope of this enabling is confined to the fourth and seventh chapters of the corresponding annexes of this order. The above provisions shall report of the Bank of Spain or the General direction of insurance, as appropriate, prior to its approval.


In any case, the National Commission of the stock market must pass a specific model for the funding of mortgage securitization, referred to in law 19/1992 of 7 July.


2. is enabled in General to the National Commission of the stock market to dictate how many provisions necessary for the implementation and development of the provisions of the ministerial order.


3 this ministerial order will enter into force in accordance with provisions in the Civil Code generally, resulting from application to emissions and public offerings of securities for sale, as well as modifications, agreed subsequent to its entry into force.


Madrid, 12 July 1993.


SOLCHAGA CATALAN Ilmos. Mr President, National Commission of the market of securities and Direct or general of the Treasury and financial policy.


Notes common to all attachments annexes: 1. in cases in which the information requested in these annexes appear in memory annual or in the booklet reproduced management report, won't need to duplicate them, sufficing with a referral to the corresponding section of the memory or report.


2. when the information requested in any of the sections or points of these annexes are not applicable to the specific event in question, it is not necessary to mention such paragraphs or points, unless provided otherwise in the same.


Annex to model for values of equity chapter I people who take responsibility for their content and supervisory bodies of the brochure I.1 people who assume responsibility for the contents of the brochure: I.1.1 name, surname, number of national identity or document of personal identification, and charge or powers of the person or natural persons who, on behalf of the issuer or offeror they take responsibility for the content of the brochure.


I.1.2 mention that in the opinion of such a person or people the data contained in the brochure are in conformity with the reality and that is omitted any facts likely to alter its scope.


I.2 bodies supervisors: I.2.1 shall mention that the brochure is registered in the official records of the National Commission of the stock market or of the competent supervisors of other State agencies members of the European communities, and shall contain its nature (complete, incomplete or reduced). If it's an incomplete prospectus must be expressed that it will be completed when the entity perform any or some broadcasts or public offerings of securities for sale.


On the cover of the brochure will also mention to its nature and its inscription in the official records of the competent supervisory agency and, if it is a small booklet, will be referred to their corresponding supplementary brochure.


The following expression will be played.


I.2.2 where the CA is subject to the supervision of the Bank of Spain or the General direction of insurance, shall be recorded that it has obtained of such bodies, favorable report on the contents of the brochure with inclusion of the following expression: I.3 name, address and qualifications of the Auditors that verified the annual accounts for the last 3 years.
Indicate, where applicable, that all audit reports referred to in the preceding paragraph have been favorable. When one or several of such reports it contains an opinion with caveats, quantifiable or not, or the opinion of the auditor were unfavorable, or unjustifiably declines the opinion, will be highlighted in this section and will be played entirely affected reports, or report unless it is that should be accompanied as an annex to the prospectus in accordance with the provisions of chapter V in which case there will be a referral to that annex.


Other information appearing in the brochure and that have been verified by auditors of accounts should also be indicated.


Chapter II the public offering and securities subject to the same II.1. Resolutions: II.1.1 mention that included in the annex and are an integral part of the brochure social arrangements of emission, including their possible subsequent amendments, as well as, where appropriate, agreement of delegation to managers, and any other document which derive limitations or constraints to acquire ownership of the values or exercise the rights incorporated in them.


II.1.2 in case of public offering, will play back any agreement changing the values that occurred after its issuance, as well as the agreement of implementation of provision.


In your case, you will be expressly revealed that with the completion of the planned transaction will not transgress the rules governing business on own shares or those of the dominant society.


Justify the ownership or availability of values by who made the offer and the guarantees of their immobilization or affecting the result of the same.


Specify the percentage constituting those possessed by the offeror, on voting shares or other securities giving the right to purchase before and after the offer.


II.1.3 information on requirements and previous arrangements for the admission to trading on stock exchange or organized secondary market.


II.2 reference, where appropriate, to the prior administrative authorisation of the issue or offer, with reproduction of data or constraints resulting from the same.


Reproduction of the warnings and considerations which, in accordance with provisions in the number first, paragraph 9 of the present order, made the National Commission of the stock market.


II.3 evaluation of the risk inherent to the values or their issuer, when this assessment has been carried out by a qualifying entity. In such a case, be designated the complete name of the entity, the meaning of the degree awarded, date of evaluation and, where appropriate, be designated if the qualifying entity has been recognized as such by the National Commission of the stock market.


II.4 when question of values which is not of application a typical legal regime defined or imply, if possible, variations on the typical system provided for in the applicable legal provisions: II.4.1 definition of the legal regime of values, with specification of the procedures that guarantee the certainty and effectiveness of rights and first holder of the following.


II.4.2 reasoned justification that the issuance of such securities, their legal status or guarantees that incorporate, do not oppose provisions of peremptory norms.


II.5 characteristics of values: II.5.1 nature and denomination of the securities offered, with an indication of their class and series.


II.5.2 form of representation; If it is the system of book-entry account, name and address of the entity in charge of its accounting records.


II.5.3 total amount of the issue or offer, broken down, where appropriate, between the capital increase and share premium.


II.5.4 number values, numbering, share capital and amounts nominal and effective for each of them.


You must be specified in connection with the cash amount or the stock price: who decided the price.


Based on what parameters or elements it was decided the price.


Effects than the determined price has over the P.E.R. () and others of profitability for investors.


II.5.5 commissions and related expenses of all kinds that must be paid under the Subscriber.


II.6 If the values were to be represented through book-entry, should be indicated with accuracy the commissions that investors, according to the tariff in force, must withstand for registration and maintenance of balances, except if the entity in charge of the ledger is the clearing and settlement of securities, in which case simply mentioning, where appropriate, the existence of commissions by the cited concepts in charge of bondholders.


II.7 law of circulation of values, especially noting whether or not there are restrictions to their free transferability.


II.8 secondary markets organized, national or foreign, with respect to which there is commitment to apply for admission to the securities trading, indicating specifically the deadline which will be presented in the application and other documents necessary for admission. Breach of the term must be made public the reasons for the delay by the media to be mentioned in the brochure, without prejudice to the eventual contractual liability which may be incurred by the entity.


Shall be recorded are known requirements and conditions required for admission, permanence and exclusion of values in these secondary markets, according to the legislation in force and the requirements of their governing bodies and the issuer agrees to comply with them.


II.9 rights and obligations of the holders of the securities offered. In this sense must provide information upon: II.9.1 the right to participate in the distribution of social income and resulting heritage of the liquidation. In your case, be designated if there is entitlement to a minimum dividend. Way to make effective returns that produce values. Term of prescription of these yields and indication of the recipient of the prescription.


II.9.2 the right of pre-emption in the issuance of new shares or convertible bonds into shares.


II.9.3 the attend and vote at general meetings and the challenge of social arrangements. In your case, be designated the minimum number of shares that we need to possess to be able to attend general meetings. They shall also indicate if there are limitations on the maximum number of votes that can be issued by a single shareholder or by companies belonging to the same group.


II.9.4 right to information.


II.9.5 mandatory ancillary benefits and, in general, all the other privileges, powers, and duties involving the ownership of the shares or securities in question.


II.9.6 noted the date or dates in which each of the rights or obligations that are cited above will start to be bound to the new shares or securities that are offered.


II.10 requests for subscription or acquisition: II.10.1 collective of potential investors that offered values, indicating the reasons for choice of them.


II.10.2 date or period of subscription or acquisition. In the event that is not known exactly at the time of writing the pamphlet, indicate the procedures by means of which will be announced final date or period.


The possibility of extending the period of subscription or acquisition shall be expressly recorded showing the number and duration of possible extensions and the means by which will be made public.


Clearly detailing the fate of the securities not subscribed in the preferential period for subscription or acquisition, as well as the collective in which will be placed in these values.


II.10.3 where and to whom can be processed the subscription or acquisition.


II.10.4 form and dates to ensure disbursement; on the assumption that this disbursement is incomplete, form and the deadline of making effective passive dividends.


II.10.5 form and delivery to subscribers to newsletters subscription or temporary backup copies, specifying its pobilidades of negotiation and its maximum validity period.


II.11 preferential subscription rights: II.11.1 indication of their various owners.


II.11.2 markets that can be negotiated or mention that its trading on an organized market is not expected.


II.11.3 information complete coupons or similar accessories values to facilitate the exercise or the transmission of the preferential subscription rights.


II.11.4 in case of exclusion of preferential subscription rights, is literally played the corresponding agreement of the general meeting of shareholders, unless already listed in point II.1.1 above; be designated persons who have attributed those, the real value of the shares of the company, according to criteria the auditor of accounts, and the purpose and detailed justification of the operation: II.11.4.1 if exclusion had intended to facilitate non-monetary contributions, will be described in detail the projected contributions, people who have made them, the number of shares that will be delivered to Exchange , the guarantees adopted according to the nature of the goods in which the contribution is and will be referred to the independent experts that have ruled on the operation, in accordance with the revised text of the companies Act, playing their conclusions about the valuation criteria adopted.
II.11.4.2 If the exclusion of the preferential rights of suscrpicion by ojeto the compensation of credits, the credits list be included to compensate, indicating their amount, term of maturity and enforceability; certification of accounts auditor attesting to that verified once the social accounting are accurate data provided by administrators on the appropriations in question and on the valuation of the shares of the company which are delivered to change plays.


II.12 placement and allocation of values: II.12.1 will relate the entity or entities participating in the placement or marketing, citing their different tasks and describing these in concrete form. In this respect, shall be recorded the total amount of commissions agreed between the different selling and the issuer or promoter of the public offer, in your case, by reference to paragraph II.14 later.


II.12.2 if it intervened in the issue or public offer a Director entity, will play statement signed by person with enough of the same representation, stating the identifying data of the entity and its representative, in which the following demonstrations are contained: carried out the necessary checks to verify the quality and adequacy of the information contained in the prospectus.


That there are, according to these verifications, circumstances that contradict or alter this information, nor it omits facts or significant data that may be relevant for the investor.


Such a statement does not refer to intermediate data object of the audit of accounts, or to the financial statements or annual audit earrings.


II.12.3 where they exist, entities that ensure the issue or public offer must be noted the characteristics of the relationship or contract of insurance, and in particular, guarantees required from the issuer or offeror, the types of risk assumed and the type of consideration to the insurer in the event of non-compliance, as well as other relevant elements force so that the inverter can form opinion on the issue or public offer.


II.12.4 when positioning technique provides for the realization of apportionment in the case that the values requested by investors exceeded the total of those offered, be determined with clarity apportionment mode, the date of its completion, the form of publicizing their results and, where appropriate, return the petitioners of met quantities which exceed the amount of the awarded values as well as compensation for interest that apply them.


II.13 termination of the process: II.13.1 literal transcription of the agreed provision for the case that the capital increase does not subscribe entirely within the time limit set for this purpose, in the sense of that said increase shall be reduced to effectively produced subscriptions. In the absence of such provision, expression of which, according to article 161.2 of the revised text of the public limited companies Act, the capital increase agreement void incomplete subscription of the shares issued, warning that the administrators of the company announced that circumstance in the and, within the month following that in which had completed the term of subscription they will be returned to the subscribers or footnoted his name at the Bank of Spain or the General deposit box contributions.


II.13.2 term and form of delivery of the titles or final certificates of values.


II.14 estimate costs of issuance, subscription, put in circulation, admission to trading on a secondary market and other related that are borne by the issuer or promoter of the public offering of securities. Percentage representing about effective total issuance or offer. Be differentiated between legal, financial commitments and other expenses.


II.15 personal taxation on the income derived from the securities being offered, distinguishing between resident and non-resident subscribers. Describe each tax regime with sufficient amplitude, literally transcribing the applicable legal provisions when necessary for the proper understanding of the exhibition.


The information shall include not only the form of integration in taxable income that the values are likely to produce, but also possible withholdings or payments on account and subject to practice them and also formal type duties that might be mandatory in relation to investment, such as the filing or issuing certificates of acquisition.


II.16 purpose of operation: II.16.1 destination of the net amount of the issuance: financing concrete, reinforcement of the financial situation, etc.


II.16.2 if it is a prospectus of public offering of values, motives and purpose pursued with the same.


II.17 data relating to trading in the shares of the same issuer previously admitted to listing on stock exchange: II.17.1 number of shares, by class and nominal value, admitted to stock trading on the date of the prospectus.


II.17.2 Se recogerán, en forma de cuadro resumido, los siguientes datos referidos a los veinticuatro meses del último ejercicio cerrado y a los meses transcurridos del ejercicio corriente en el momento de elaboración del folleto:


Mes / Número de valores negociados / Número de días cotizados / Valores negociados por día - Máximo / Valores negociados por día - Mínimo / Cotizaciones en pesetas - Máximo / Cotizaciones en pesetas - Mínimo


Enero ... / - / - / - / / - / -


Febrero ... / - / - / - / - / - / -


Marzo ... / - / - / - / - / - / -


Abril ... / - / - / - / - / - / -


Mayo ... / - / - / - / - / - / -


Junio ... / - / - / - / - / - / -


Julio ... / - / - / - / - / - / -


Agosto ... / - / - / - / - / - / -


Septiembre ... / - / - / - / - / - / -


Octubre ... / - / - / - / - / - / -


Noviembre ... / - / - / - / - / - / -


Diciembre ... / - / / - / - / - / -


Total ... / - / - / - / - / - / -


Aunque los valores negocien en several bags, is sufficient to provide only the information corresponding to the data of the most representative national stock exchange by the volume of trading in such securities.


If the values are negotiated in the stock exchange interconnection system, global data of the same will be provided.


Additionally, for the previous two years, simply provide the nominal total volume negotiated in each year and the frequency of annual contributions, as a percentage.


II.17.3 result and dividends per share, where appropriate, adjusted, using the following format: exercise exercise exercise benefit exercise.


Capital purpose exercise.


Number actions end exercise.


Earnings per share.


Adjusted capital.


Number actions set.


Adjusted earnings per shares.


PER.


Pay-out (per cent).


Dividend per share.


When consolidated financial statements to be included in the booklet will be provided, in addition to the above, income attributed to the dominant Sociedd (consolidated profit and loss account) per share.


II.17.4 capital increases carried out during the three last financial years closed and the current period; proportions and conditions; theoretical value of the preferential right of subscription and real prices of this right: medium, maximum and minimum.


II.17.5 if society did not have all of its shares admitted to trading on a stock exchange, Spanish: number of shares, class and nominal value of the not supported, at the date of preparation of the brochure.


If shares not admitted on a Spanish stock exchange, it if were in a different bag organized market or on a foreign stock exchange, indicate the number, class and nominal value of the shares in each of these markets.


II.17.6 If securities issued by the company had been the subject of a takeover bid: conditions and results thereof.


II.18.1 enumeration of natural or legal persons who have participated in the design and/or advice of the issue or offer of securities, or pricing, assessment or evaluation of any asset or liability of the company or any significant information contained in the brochure.


II.18.2 statement of the issuer about if known the existence of some kind of linkage (political rights, labor, family, etc.) or economic interests of these experts and/or consultants with the own transmitter or any entity controlled by it.


Note to chapter II: if it's a full prospectus for admission to trading on the stock exchange, the data requested in this chapter shall be referred to the subscription or placement has been completed and, in general, will be adapted to the circumstances of the request for admission.


Chapter III the issuer and its capital III.1 identification and social object: III.1.1 complete designation of the issuer of the securities being offered. Where appropriate, abbreviated or commercial name. Fiscal identification code. Registered office; If the main offices do not match this, noted the same.


III.1.2 social object. Main sector of the national classification of economic activities in which society is framing. Other possible sections of the NACE that its activity could be.


III.2 legal information: III.2.1 date and form of the issuing company. Data of your registration in the mercantile Regisgro. When they began their activities and duration of the company.


Place or places where the bylaws can be found.
III.2.2 legal form and special legislation that does it apply. You must clearly indicate if the activity of the company is subject to a specific regulation and which is this (v. g.: mining, hydrocarbons, provision of public services by contract or granting of the administration...).


III.3 information capital: III.3.1 nominal amount of the subscribed capital and the price paid to date for drafting the prospectus.


III.3.2 where appropriate, indication of the amounts released, deadlines and form that should take place.


III.3.3 classes and series of shares, pointing to their nominal values and their respective amounts subscribed and paid-up, political rights and economic specifics involving its form of representation; If it is the system of book-entry account, name and address of the entity in charge of its accounting records.


III.3.4 schematic picture of the evolution of social capital in the last three years and brief description of the modification operacioines, qualitative and quantitative, in that period, and it may be for this last to refer to the point II.17.4.


III.3.5 existence of borrowing of convertible, exchangeable or; It will relate their number, modalities and dates of conversion, Exchange or subscription, respectively, and amount of capital resulting from them, distinguishing according to give right to shares with or without voting.


III.3.6 titles representing the advantages attributed to founders and promoters and enjoy bonuses, indicating and quantifying their optional content, its temporary extension and its marketability.


Authorized Capital III.3.7: date of the general meeting where are conocedio and date of their validity, total amount approved and amount used. The same information will be provided when delegation of the general meeting to issue obligations convertible, exchangeable or.


With respect to the amounts not yet used ones and other authorizations, be informed about the categories of beneficiaries who have a preferential right to subscription of these possible additional capital and conditions sections and modalities of issuance of the shares corresponding to these sections.


III.3.8 conditions to which statutes subject changes to capital and the respective rights of the various categories of actions, insofar as they are more restrictive than the regulations in force.


III.4 number and nominal value of all the shares acquired and preserved in portfolio by the society or by intermediary, including the possessed through subsidiaries participated in more than 50 per 100 and the fraction of social capital which they represent.


Authorizations granted by the general meeting to the Board of Directors of the society, or to the administrative bodies of subsidiaries participated in more than 50 per 100, for the derivative acquisition of Treasury shares.


III.5 benefits and dividends by action of the last 3 years, if necessary, adjusted.


Note: This section not shall be completed, if the requested information is already contained in point II.17.3.


III.6 If the society is part of a group of companies in accordance with the legislation resulting from application, indicate what and the position it occupies inside it, preferably in graphic form. Otherwise, be expressly stated that is not a part of a group of societies.


III.7 if the issuer is not the parent of a group, list of companies in their own name or through another person acting in his own name but on behalf of that and, directly or on, at least by 20 per 100 of its capital, or 3 per 100, if the investee company's shares publicly traded. The denomination, domicile, main corporate purpose, proportion of the capital that they possess as well as the amount of capital, the reserves, the result of the last financial year and the amount of dividends received during the last year because of the possessed shares in these companies, compared to the corresponding accounting book value will be provided.


These same relationship and mentions must appear where the issuer is the parent of a group of companies that has no legal obligation to consolidate their financial statements.


The terms provided for in this number may be omitted when by their nature they can lead to serious damage the societies to which they refer. The omission shall be noted in the brochure.


If the issuer does not have any participation of the referred to here must be expressly noted.


Chapter IV IV.1 background transmitter main activities: be stated briefly the evolution over time of the economic activities of the CA.


IV.2 main activities of the issuer: nature of the main economic activities and business of the issuer. A description of the corresponding to the three last financial years closed, must be carried out so that the evolution of society is reflected in a significant way, and if with such periods reflected information is not sufficiently explanatory, expanded the number of exercises. Among other things, must be new products, services or new activities, new or upcoming release to the market, where they are significant. Especially, you must provide the following information: IV.2.1 description of main groups or families of products, services and lines of activity and commentary on the most significant General characteristics which, in the opinion of the issuer, have an impact on the evolution of prices and demand for its main groups or families of products, services or activities (degree of product differentiation (, incidence of sectoral regulations, the effect of the exchange rate of currencies, etc.), as well as information on the volume of production and its relation to the installed capacity or the degree of use of the corresponding installations. Shall, in addition, provided information, at least, the participation of each of these groups, families of products, services and lines of activity in the total turnover of the company, including data on the degree of concentration and, where appropriate, eventual dependence of the business of the issuer, in any particular geographical area or customers or types of customers.


IV.2.2 description of principals that comprise the costs of such products, services and lines of activity and commentary on the most significant General characteristics of sources of supply (source, availability, price fluctuation, incidence of specific sectoral regulations, effect of the exchange rate of currencies, etc.). In addition, the participation of such in the total amount of costs of the enterprise, including data on the level of concentration and, where appropriate, eventual dependence on supplies of the issuer, in any particular geographic area or any vendors or types of suppliers must be reported.


IV.2.3 main centers, industrial or commercial services, where appropriate, associated to each group or family of products, services and lines of activity, specifying whether they are or not in property. Principal establishment ' means any establishment which contribute, at least in a 10 by 100 to turnover.


For mining operations, the activities of extraction of hydrocarbons and other similar activities, as they are significant, description of deposits. Estimation of exploitable reserves economically and probable duration of this exploitation. Indication of duration and main conditions of exploitation and the economic conditions of its exploitation concessions.


IV.2.4 markets such groups or families of products, services and lines of activity: location, size, participation of the company in each of them, competitors and the company with respect to the latter's position. Specify the source of information about the position that occupies the company with respect to its competitors.


IV.2.5 when the information requested in this paragraph IV.2 have been influenced by exceptional events, shall be stated.


The previous information will be provided in so far as the supply of the business of the company covers different products or differentiable services each other and different geographic markets also differentiable. If such distinctions could not be established because the differences were not significant shall be so recorded in the brochure, providing figures without disaggregation.


IV.3 conditioning circumstances: IV.3.1 degree of seasonality in the business or business of the issuer.


IV.3.2 succinct information on the eventual dependence of the issuer with respect to patents and trademarks, specifying if they exploited in property or under agreements, exclusive or industrial, commercial or financial contracts or new manufacturing processes, when these factors are essential to the activity or the profitability of the issuer.


IV.3.3 notes on policy research and development of new products and processes during the last 3 years, when these indications are significant.


IV.3.4 indication of any litigation or arbitration which may have, or has, in the recent past, had a major impact on the financial situation of the issuer or the activity of the business.
IV.3.5 indication of any interruption of the activities of the issuer which may have, or have had in the recent past a significant effect on the financial situation of the issuer.


Note: In any case as requested in this section IV.3 and the precedent will be reveal industrial, commercial or other secrets, but yes shall be indicated that these circumstances, agreements, etc., are or not significant for social activity.


IV.4 work information: IV.4.1 average number of staff employed and its evolution during the past three years and, if possible, a breakdown by categories and types of contractual relationship.


IV.4.2 collective bargaining within the framework of the society.


IV.4.3 description enough of policy followed by the society in respect of benefits staff and, in particular, pensions of all kinds.


IV.5 investment policy: IV.5.1 quantitative description of principal investments, including interest acquired in other companies, such as shares, shares, obligations, etc., made during the last 3 years and in the current financial year.


IV.5.2 notes on principal investments in course of preparation, exclusion made interests in course of acquisition in other companies. Distribution of the volume of these investments based on their location (Spain and abroad). Mode of financing (self-financing or not).


IV.5.3 notes on the main future investments of the issuer which have been subject of commitments firm by bodies of direction, exclusion made the interests that will be acquired in other undertakings.


IV.6 when the issuer of the securities is the parent company of a group that is required to formulate consolidated, this chapter IV information will be provided regarding the issuer and his group. However, this information be included in brochure only with respect to the issuer or only with respect to the group, provided that information that may not appear do not provide significant additional data.


Chapter V heritage, the financial situation and results of the issuer V.1 individual accounting information: V.1.1 comparative table of the balance and account of profit and loss in the last financial year closed with the previous two years.


V.1.2 comparative picture of funding from the last year ended with the two previous years.


V.1.3 as an annex, will be incorporated into the brochure the audit report, accompanied by the annual accounts (Balance, memory and profit and loss account) and the management, corresponding to the last closed financial year report.


Note: You will only be required to refer to the most recent financial year if, at the date of presentation of the brochure they had after at least four months since the end of the year or, but had not passed that deadline, if their accounts were already audited; in another case, the references, making this section the last closed financial year construed as references to the last financial year.


V.2 if society is the parent of a group of companies and are obliged to formulate consolidated financial statements, will be provided the following consolidated financial information corresponding to the same exercises that is reported in paragraph V.1: V.2.1 comparison chart of Balance and profit loss or consolidated in the last financial year closed with the previous two years.


V.2.2 comparative consolidated financing table of the last financial year closed with the two previous years.


V.2.3 as annex, are incoporaran to the brochure the audit report, together with the consolidated financial statements (consolidated balance sheet and consolidated profit and loss account consolidated memory) and the consolidated management report, corresponding to the last closed financial year.


Common to the two preceding paragraphs Note: may dispense with the inclusion in the brochure of paragraph V.1, V.2 section well, provided that the accounting data and audits that do not appear do not provide significant additional information.


V.3 when the most recent definitive accounts which should be reproduced in accordance with paragraph V.1 relate to an earlier date in more than six months of presentation of the brochure at the National Commission of the stock market, must include a balance sheet and an account of losses and intermediate profits, or annual audit earrings referring to a date not earlier in more than six months of presentation of the brochure.


Chapter VI administration, management and control of the issuer VI.1 identification and function on the entity of people mentioned: VIII.1.1 members of the Board of Directors.


VI.1.2 directors and others who assume the management of the company at the highest level.


VI.1.3 founders of the company if it was founded less than five years.


VI.2 set of interests in society of persons referred to in paragraph VI.1: VI.2.1 shares with voting rights and other securities giving the right to purchase, of which such persons are owners or representatives, directly or indirectly.


VI.2.2 participation of those persons or that represent, in the unusual and relevant transactions of the society, in the course of the last financial year and the current. They are relevant, and unusual transactions such as the purchase or sale of real estate assets, contracts of the company or of its subsidiaries with such persons, society loans granted by such persons, etc.


When such unusual transactions have been entered for prior years, but have not been definitively concluded, you will also need to provide information on them.


VI.2.3 amount of salaries, diets and remuneration of any kind payable by persons mentioned in the preceding financial year closed either from any cause.


Where the issuer is the parent of a group forced to formulate consolidated accounts, shall be also recorded the amount of the concepts referred to in the preceding paragraph which have been earned by referred persons of the issuer held by subsidiaries set.


This information will be provided on a global basis for remuneration, distinguishing between administrators, managers and founders concepts.


VI.2.4 amount of obligations in terms of pension and life insurance with respect to the founders, current old and current of the Board of Directors and executive members and its predecessors. This information will be provided on a global basis and with separation of the benefits concerned.


VI.2.5 overall amount of all advances, loans granted and guarantees established by the issuer in favor of the abovementioned persons, and still in force.


VI.2.6 mention of the main activities that these persons out of society, where these activities are significant in relation to that company.


VI.3 insofar as they are known to the issuer, indication of the natural or legal persons who, directly or indirectly, isolated or jointly, exercise or can exercise control over the issuer, and mention of the amount of the portion of capital that have and that confers the right to vote.


Joint control means control exercised by several companies or by several people, who have concluded an agreement that could lead them to adopt a common policy against the issuer between them.


In this sense, if there are members of the Board of Directors elected by the proportional system referred to in article 137 of the consolidated text of the law of corporations, indicate what are, by mentioning the number, class and nominal value of grouped actions with which the corresponding ratio is formed.


VI.4 State if there are statutory provisions that pose or may pose a restriction or limitation to the acquisition of important stakes in the company by third parties unrelated to it.


VI.5 If the company's shares are admitted to trading on a stock exchange, significant holdings in its capital ratio, referred to in the Royal Decree 377/1991, of March 15, with an indication of their owners.


VI.6 approximate number of shareholders of the company, distinguishing between holders of shares with or without voting rights. This information must be provided when the society available for the registration of shares, by the computation of attendance at general meetings, by pictures of previous enlargements of capital broadcasting or by any other circumstance. Shall contain the date to which the information relates.


VI.7 identification of persons or entities that are lenders of the society, any legal form and participate in the long-term debt, according to the accounting rules, at more than 20 per 100, quantifying these interests in each case.


VI.8 existence of customers or suppliers whose business with the company operations are significant. Shall be considered, in any case, that there are significant business relationships where a client or provider involves, at least 25 per 100 sales or total purchases from the company.


VI.9 mention, when they exist, schemes of staff participation in the capital of the issuer.


Chapter VII recent developments and prospects of the issuer
VII.1 General information on the evolution of the business of the issuer after the closure of the last year whose final financial statements occur in the brochure, compared to the last financial year.


In particular, it shall be indicated and will analyze: VII.1.1 turnover.


VII.1.2 description of the trends most recent and significant in relation to the demand, production, sale and costs and physical evolution of inventory, sales and purchase prices.


VII.2 prospects of the issuer: brochure will require unquestionable way the contents of this section refers to estimates and intentions that can be carried out or not; also indicate the source of such estimates.


VII.2.1 estimation of prospects commercial, industrial and financial of the issuer always that rest on objective data as an evolution of the economic situation, business reviews, etc., or own data, provided that they have a high degree of probability of occurring. In this sense information, will be provided unless it haul serious damages to the company, on the committed volume of purchases and sales at the time of preparation of the brochure.


Political VII.2.2 of distribution of results of investment, endowment accounts for depreciation of capital increases, of emission of obligations and general indebtedness in the medium and long term.


VII.3 when the issuer of the securities is the parent company of a group that is required to formulate consolidated, this chapter VII information will be provided regarding the issuer and his group. However, this information be included in brochure only with respect to the issuer or to the group, provided that information that may not appear do not provide significant additional data.


Annex B model for income securities fixed shall be that corresponding to Annex A, except for chapter II, whose minimum content is expressed below.


Chapter II the public offering and securities subject to the same social agreements II.1: II.1.1 shall state that they are included as an annex and form an integral part of the brochure social issue agreements, including their possible subsequent modifications, where appropriate, the agreement of delegation to managers, as well as any other document which derive limitations or constraints to acquire ownership of the values or exercise the rights incorporated in them.


If it is the execution of an agreement of delegation to managers, shall be recorded the amount arranged on the boundary of the delegation and which is available.


II.1.2 in case of public offering, will play back any agreement modification of values that could have occurred after its issuance and the agreement of implementation of provision.


Justify the ownership or availability of values by who made the offer and the guarantees of their immobilization or affecting the result of the same.


II.1.3 information on requirements and previous arrangements for the admission to trading on stock exchange or on an organized secondary market.


II.2 reference, where appropriate, to the prior administrative authorisation of the issue or offer, with reproduction of data or constraints resulting from the same.


Reproduction of warnings and considerations which, in accordance with the provisions in number 1., paragraph 9, of the present order, made the National Commission of the stock market.


II.3. assessing the risk inherent to the values or their issuer, when this assessment has been carried out by an entity rating. In such a case, be designated the complete name of the entity, the meaning of the degree awarded, date of evaluation and, where appropriate, be designated if the entity rating has been recognized as such by the National Commission of the stock market.


II.4 nature and description of the values that are offered, with an indication of the issue or series number.


When question of values which is not of application a typical legal regime defined or imply, if possible, variations on the typical system provided for in the applicable regulatory provisions, are added the following ends: II.4.1 definition of the legal regime of values, with specification of the procedures that guarantee the certainty and effectiveness of rights and first holder of the following.


II.4.2 reasoned justification that the issuance of such securities, their legal status or guarantees that incorporate, do not oppose provisions of peremptory norms.


II.5 form of representation; If it is the system of book-entry account, name and address of the entity in charge of its accounting records.


II.6 nominal amount of loans, number of values that includes and numbering them, where appropriate, broken down among the various series that record.


If it's a broadcast program, import total or maximum limit of emissions that encompasses the program.


II.7 amounts nominal and effective each value, with an indication, where it exists, of the share premium expressed as a proportion on nominal and currency units worth.


Currency of the loan or set of values; If it is expressed in units of account in contractual status change option.


II.8 commissions and related expenses of all kinds that must withstand the Subscriber.


II.9 If the values were to be represented through book-entry, be indicated accurately commissions that must withstand the holders, according to the tariff in force, for registration and maintenance of balance, except if the entity in charge of the ledger is the service of clearing and settlement of securities, in which case simply mentioning, where appropriate, the existence of commissions by the aforementioned concepts , in charge of the bondholders.


II.10 interest clause.


II.10.1 nominal interest rate. If the interest is not fixed, will be described clearly the indicator or variable to which it is linked and the method used to connect both. These effects are clearly indicated: the formal or official designation of the type of reference or entities in which it has its origin.


The scope, category and term on which governs or is valid that reference type.


Place, form and time in which type or reference indicator is announced and is put in the public.


Where appropriate, minimum and maximum limits to be admitted as a performance or interest applicable to the values subject to issuance or initial public offering.


For orientation of the inverter values that has experienced the indicator or reference rate during the two years prior to the preparation of the prospectus and interest rates that would have been applicable to the issue or public offer for application of the variable interest based on experienced values clause will be provided.


II.10.2 if it's a program of issuing promissory notes of company in which prices of emission or interest rates are determined by the procedure of auction or any other course for which this procedure is foreseen, or one similar, will be included in the brochure enough these auction rules: participating entities, mechanisms for the formation of prices and the allocation of the amounts , warranties, etc.


This information may be simplified when non-professional investors do not have access to auctions or similar procedures.


II.10.3 dates, place, entities and procedure for the payment of coupons. If there is a grace period, will be expressly highlighted.


II.11 amortization of values: II.11.1 redemption price, specifying the existence of premiums, prizes, lots or any other financial advantage.


II.11.2 modalities of repayment with specification of dates, place, institutions, procedure and publicity of the same, with the exception of the information which must appear in the following sections, II.12 to II.16.


The possibility of early repayment, both at the initiative of the issuer and the holder, should be sufficiently detailed, with specification of the conditions for their exercise.


II.12, in the case of a broadcast or public offering of convertible bonds in shares outstanding of emission of the same company must provide the following specific information: II.12.1 reproduction of the social agreement of capital increase in the amount necessary to meet requests for conversion.


II.12.2 information complete the values that are available in the event of exercise of the option. Must be provided information, at least on the following aspects: nominal value.


Form of representation.


Economic and political rights, including the dates from which it is entitled to participate in benefits.


Law of circulation.


Time limit and form of delivery of the titles or final certificates of values and, when its existence, copies of bulletins or provisional shelters, is planned by specifying its possibilities of negotiation and its maximum validity period.


Organized secondary markets for which there is commitment to request the negotiation and concrete deadline which will be presented in this application and the other documents necessary for the admission. Breach of the term must be made public the reasons for delay by the media to be mentioned in the brochure, without prejudice to the eventual contractual liability which may be incurred by the entity.
II.12.3 Bases and modalities of conversion. In addition to the description of these bases and modalities of easily understandable form will indicate the date of the report of the administrators of the company referred to in article 292 of the revised text of the companies act and the report of the Auditors of accounts provided for in that article will be played entirely.


II.12.4 preferential subscription rights of the convertible bonds with an indication of the various owners, markets in which to negotiate and complete information on coupons or similar accessories values to facilitate the exercise or the transmission of these preferential subscription rights.


II.12.5 explanation of clause antidilucion, a clear when it is provided for in the agreements of emission or public offering.


II.12.6 will contain sufficient provisions to calculate the number of preferential subscription rights that apply to holders of the convertible bonds in the event that prior to the last option of conversion the society carried out a capital increase or a new issue of bonds convertible, in accordance with the provisions of the articles 158 and 293.2 of the revised text of the companies act.


II.13 where permit values offered option to acquire pre-existing shares in the same company will provide the following specific information: II.13.1 agreement general meeting that had authorized the acquisition of own shares or, otherwise, what is the origin of them.


He shall expressly revealed that with the completion of the planned transaction is not transgress the rules governing business on own shares.


II.13.2 the immobilization of own shares or their involvement guarantees to the results of the eventual exercise of the options granted.


II.13.3 information complete the values that are available in the event of exercise of the option, with the minimum terms that are specified in point II.12.2.


II.13.4 Bases and modalities of exercise of the option, with enough extension and clarity: procedure, time limits, disbursements, etc.


II.13.5 clause antidilucion or other provisions of similar purpose to maintain contractual balance on the assumption that in the intermediate time between the acquisition of values and the end of the period to exercise the option, the company modify social capital, in the event that it envisaged in agreements issue or public offer.


II.14 where permit values offered option to buy existing shares of a different society to which grants the option will provide the following specific information: II.14.1 justification of the ownership or availability of such shares by the issuer or offeror of the value that confers the right of option and its immobilization or involvement guarantees to the results of the eventual exercise of the options granted.


In his case, he shall expressly revealed that with the completion of the planned transaction is not transgress the rules governing business over shares of the parent company.


II.14.2 information complete the values that are available in the event of exercise of the option, with the minimum terms that are specified in point II.12.2.


II.14.3 Bases and modalities of the exercise of the option with the sufficient extent and clarity: procedure, time limits, disbursements, etc.


II.14.4 Especifiquese if it is provided for in the issuance agreements or public offering any provision aimed at maintaining contractual balance in the assumption that in the intermediate between the acquisition of the values that give the choice and the end of the period to exercise the social capital represented by the shares which can be purchased in case of exercise of the option is changed.


II.14.5 will be incorporated as an annex to the prospectus the chapters III to VII of the annex to, both inclusive, referred to the issuer of the shares that are available in the event of exercise of the option granted.


II.15 where permit values offered option to acquire shares outstanding of issuance of a different society to which grants the option must provide the following specific information: II.15.1 the contractual relationship or corporate link that covers the offer of choice. In this sense, the maximum legal guarantees about the effective emission must be provided at the time of the eventual exercise of the option of one sufficient number of shares, referring to the relevant agreements of the shareholders and of the Board of Directors of the society that must issue them.


II.15.2 information complete the values that are available in the event of exercise of the option with the minimum terms that are specified in point II.12.2.


II.15.3 Bases and modalities of the exercise of the option with the sufficient extent and clarity: procedure, time limits, disbursements, etc.


II.15.4 in accordance with the provisions of the final paragraph of article 17.2 of the Royal Decree 291/1992, of 27 March, on emissions and public offerings of securities for sale, will play the rules that must be included in agreements issue or public offer of equal content than those laid down for the convertible obligations in article 293 and the numbers 2 second paragraph and 3 of article 294 of the revised text of the companies Act, being able to do this refer to paragraph II.1 previous.


II.15.5 will be incorporated as an annex to the prospectus the chapters III to VII of the annex to, both inclusive, referred to the issuer of the shares that are available in the event of exercise of the option granted.


II.16 in the case of a broadcast or public offering of securities, other than convertible bonds, which give option to acquire shares outstanding of emission of the same company must provide the following specific information: II.16.1 reproduction of the social agreement of capital increase in the amount necessary to attend to the results of the eventual exercise of the options granted.


II.16.2 information complete the values that are available in the event of exercise of the option, with the minimum terms that are specified in point II.12.2.


II.16.3 Bases and modalities of the exercise of the option with the sufficient extent and clarity: procedure, time limits, disbursements, etc.


II.16.4 in accordance with the provisions of the final paragraph of article 17.2 of the Royal Decree 291/1992, of 27 March, on emissions and public offerings of securities for sale, will play the rules that must be included in agreements issue or public offer of equal content than those laid down for the convertible obligations in article 293 and the numbers 2 second paragraph and 3 of article 294 of the revised text of the companies Act, being able to send this paragraph II.1 above.


II.17 picture of financial service of the loan, including both interest payments and the repayment of the principal.


II.18 effective interest for the taker, taking account of the characteristics of the issue or offer, with specification of the method of calculation adopted and costs quantified by concepts appropriate to their true nature.


II.19 effective interest scheduled for the issuer, comprising all types of expenses, including those of design and placement, by specifying the method of calculation.


II.20 guarantees the issuance or offer: II.20.1 if the guarantees provided are real in nature, as well as the proper legal description thereof, will identify the collateral, stating, where appropriate, the public registry where the mortgage is registered or the depositor entity of the pledged effects. If such goods have been assessed by an independent expert, it be incorporated as an annex to the prospectus this pricing.


II.20.2 information full personal guarantees from third parties. Shall also be annexed to brochure third chapters to the seventh Annex A, both inclusive, relating to the third party or third party collateral, except in the case of the State or an autonomous region.


II.20.3 noted if the securities being offered have any legal distinction for the purposes of priority of credits.


II.21 law of circulation of values, especially noting if there are restrictions to their free transferability or mention that there is no such.


II.22 organized, national or foreign secondary markets, for which there is commitment to apply for the admission to trading of the values and maximum term concrete in will present this application and the other documents necessary for the admission. Breach of the term must be made public the reasons for the delay by the media to be mentioned in the brochure, without prejudice to the eventual contractual liability which may be incurred by the entity.


Shall be recorded are known requirements and conditions required for admission, permanence and exclusion of values in these secondary markets, according to the legislation in force and the requirements of their governing bodies, and that the issuer agrees to comply with them.


II.23 requests for subscription or acquisition: collective II.23.1 of potential investors that offered values, indicating the reasons for choice of them.
II.23.2 be noted if the values offered are suitable to cover the legal requirements of investment to which they are subjected certain types of entities, such as institutions for collective investment, insurance companies, funds and pension plans, etc.


II.23.3 date or period of subscription or acquisition. In the event that is not known exactly at the time of writing the pamphlet, indicate the procedures by means of which will be announced date or definitive periods.


The possibility to extend the subscription period shall be expressly recorded showing the number and duration of possible extensions and the means by which will be made public.


If it's a broadcast program, indicate the successive dates of offering to the public of the different emissions, if they are preset in advance.


Clearly detailing the fate of the securities not subscribed in the period of subscription or acquisition, as well as the collective in which will be placed in these values.


II.23.4 where and to whom can be processed the subscription or acquisition.


II.23.5 form and dates to ensure disbursement.


II.23.6 form and delivery to subscribers of copies of newsletters subscription or temporary shelters, specifying its possibilities of negotiation and its maximum validity period.


II.24 placement and allocation of values: II.24.1 will relate the entity or entities participating in the placement or marketing, citing their different tasks and describing these in concrete form. In this respect, shall be recorded the total amount of commissions agreed between the different selling and the issuer or promoter of the public offering, if any, with reference to paragraph II.19 above.


II.24.2 If a Director entity, intervene in the issue or public offer will play statement signed by person with enough of the same representation, stating the identifying data of the entity and its representative, in which the following demonstrations are contained: which is carried out the necessary checks to verify the quality and adequacy of the information contained in the prospectus.


There is, according to such checks, circumstances that contradict or alter this information, nor is it omit facts or significant data that may be relevant for the investor.


Such a statement does not refer to intermediate data object of the audit of accounts, or to the financial statements or annual audit earrings.


II.24.3 where they exist, entities that ensure the broadcast or public offering, and must be noted the characteristics of the relationship or contract of insurance, and in particular, guarantees required from the issuer or offeror, the types of risk assumed and the type of consideration to the insurer in the event of non-compliance, as well as other relevant elements force so that the inverter can form opinion on the issuance or initial public offering.


II.24.4 when positioning technique provides for the realization of apportionment in the case that the values requested by investors exceeded the total of those offered, will determine the mode of assessment, the date of its completion, clearly the way to publicize their results and, where appropriate, referral to the petitioners of met quantities which exceed the amount of the awarded values as well as compensation for interest that apply them.


II.25 term and form of delivery of the titles or final certificates of values.


II.26 where appropriate, the Union of debenture holders, with an indication of its first President and features most relevant to its operation.


If this information is already contained in social arrangements that should be reproducirs e in paragraph II.1 simply refer to that section.


II.27 national legislation under which creates values and indication of the competent courts in the event of litigation.


II.28 personal taxation on the income derived from the securities being offered, distinguishing between resident and non-resident subscribers. Describe each tax regime with sufficient amplitude, literally transcribing the applicable legal provisions when necessary for the proper understanding of the exhibition.


The information shall include not only the form of integration in taxable income that the values are likely to produce, but also possible withholdings or payments on account, and the subject forced to practice them and also formal type duties that might be mandatory in relation to investment, such as filing or issuing certificates of acquisition.


II.29 purpose of the operation.


II.29.1 destination of the net amount of the issue, financing of specific projects, strengthening of the financial situation, etc.


II.29.2 if it is a prospectus of public offering of values, motives and purpose pursued with the same.


II.30 loads and service of foreign financing during the current year and the previous two and projection for the next three years, with the effect estimated values subject to issuance or offer.


The data will be presented with the following breakdown: fixed income issues, with and without warranties.


Total amount of other debts, with or without guarantees.


Total amount of guarantees, sureties and other commitments incurred by the society.


It will especially highlight if it incurred some non-payments by interest or repayment of the principal.


If the issuer is the parent of a group forced to formulate consolidated accounts, in addition to the data at the individual level, those same data referred to the whole of the group, although in relation to emissions of fixed income it will suffice to provide its overall amount, shall be provided with and without warranties.


However, the data at the individual level or only at the consolidated level, may provide only to data that do not appear do not provide significant additional information.


II.31 data relating to the negotiation of the income securities fixed the same issuer previously admitted to trading in some Spanish organized secondary market.


II.31.1 number of values, class and nominal value admitted to stock trading on the date of the prospectus.


Number of values, class and nominal value, admitted to trading on other Spanish organized markets on the date of the prospectus.


II.31.2 will be collected, in the form of summary table, the following data: value type / date of issue / redemption date / secondary market (1) / nominal volume of negotiated / quote percentage rate / price or TIR (2) maximum / price or TIR (2) minimum (1) in the column corresponding to the secondary markets be designated which corresponds with the data provided.


(2) corresponding to the price/TIR maximum and minimum relevant data shall be completed if they are available.


The mentioned box should collect information pertaining to the last twenty-four months, Rukia is data from the stock exchange more representative in the negotiation of the values, where these securities are admitted to trading in several bags.


If the values are negotiated in the stock exchange interconnection system, global data of the same will be provided.


If the values are negotiated in one or more other secondary markets organized Spanish, will provide the data concerning them.


II.31.3 entities which, in his case, are committed to intervening in secondary procurement, providing liquidity by offering compensation, indicating the scope of its intervention and how to carry out.


Note to chapter II: if it's a full prospectus for admission to trading on the stock exchange, the data requested in this chapter shall be referred to the subscription or placement has been completed and, in general, will be adapted to the circumstances of the request for admission.


Annex C model of the prospectus of issuance or initial public offering of securities issued by chapter first people individuals who take responsibility for their content and brochure supervisory bodies will be that corresponding to the chapter first annex, please include in any case the number of the issuer or issuers.


Chapter II the public offering and securities subject to the same will be the corresponding to chapter II of Annex B, by replacing the paragraphs indicated by the texts listed below: II.1 supporting documents: II.1.1 shall state that they are included as annex and form an integral part of the corresponding brochure writing issue pending registration in the public registry and any other document which derive limitations or constraints to acquire ownership of the values or exercise the rights incorporated in them.


II.1.2 for initial public offering, if values had modified subsequent to its issuance will play the respective public deed of modification.


If the offeror is a legal person, also plays the social agreement of implementation of provision.


Justify the ownership or availability of values by who made the offer and the guarantees of their immobilization or affecting the result of the same.


II.20 the issuance or offer guarantees:
II.20.1 in accordance with the provisions of article 26.3 of the Royal Decree 291/1992, of 27 March, on emissions and public offerings of securities, made by independent expert valuation of the assets of the issuer will be played. In this evaluation it should be especially highlighted if they exist in the heritage of the issuing real estate or other assets of great value free of charge.


Notwithstanding the foregoing, will not needed the aforementioned valuation if offered mortgages with appraisal of the property mortgaged by independent expert and proving the value of these assets exceeding 20 per 100 in the overall amount of the issuance or offer. In this case, it will be played entirely this appraisal report and shall be recorded in the public registry where the warrantor shall issue or offer mortgage is entered.


II.20.2 adequate legal description of other possible warranties, other than those referred to in the previous point, with identification of the collateral and public records where they are registered or depository entities pledged effects. Where they exist, the collateral appraisal reports will be played.


II.20.3 information full personal guarantees from third parties.


Where the third party or third-party collateral are different State or an autonomous legal persons should incorporate as an annex to the brochure third chapters to the seventh, both inclusive, of the annex to referrals to such collateral.


If the third-party or third-party collateral are natural persons will play the valuation of their assets made by the independent expert, in terms similar to those set out in point II.20.1.


II.20.4 be noted if the securities being offered have any legal distinction for the purposes of priority of credits.


II.29 purpose of operation: II.29.1 sense and purpose of the operation, with specification of the destination of the net amount of the issue.


II.29.2 if it is a prospectus of public offering of values, motives and purpose pursued with the same.


II.30 relationship of borrowing of the same issuer performed over the past five years. The relationship will on order from the oldest broadcast to the more modern, noting amounts originating, amortized and pending refund, interest rate, modalities and repayment dates, provided guarantees and entities involved in the preparation, design, direction, marketing, or assurance of emissions.


It will especially highlight if it incurred in any default in payments for interest or repayment of the principal.


Chapter III the issuer if the sender is an individual entrepreneur, this chapter will play the content of the sheet referred to in article 87 of the regulation of the commercial register, approved by Royal Decree 1597 / 1989 of 29 December.


If the issuer does not have the quality of entrepreneur, this chapter not shall be completed, stating it so in the brochure.


Chapter IV main activities of the issuer will be that corresponding to chapter IV of the Annex A, appropriate to the case of physical emisor-persona.


Chapter V the equity, financial position and results of the issuer V.1 if the issuer is required to bring accounting: V.1.1 comparative table of the Balance and account of profit and loss in the last financial year closed with the previous two years.


V.1.2 as an annex, will be incorporated into the brochure the annual accounts of the last closed financial year (Balance, memory and profit and loss account).


Note: You will only be required to refer to the most recent financial year, if on the date of presentation of the brochure they had passed at least four months from the end of this year or, though not any after that deadline, if their annual accounts will be already available; in another case, the references, making this section the last closed financial year construed as references to the last financial year.


V.2 when the most recent definitive accounts which should be reproduced in accordance with the preceding paragraph refer to an earlier date in more than six months a brochure of presentation before the National Commission of the market of securities, should include a Balance account and a provisional write-off not closed more than the mentioned six months in advance.


Chapter VI recent developments and prospects of the issuer will be that corresponding to Chapter VII of the annex to, appropriate to the case of physical emisor-persona.


Annex D model of the prospectus of securities issued by public entities will be that corresponding to Annex B, with the adaptations that, in general, necessary for the assumption that it is and, in particular, the following: chapter II.


Shall be substituted references to the social arrangements for the corresponding to the adoption of the relevant agreements for the broadcast or public offering, subject to the legally or statutorily established procedure to do so, in each case, with the sufficient degree of detail.


Paragraph II.30. Shall be deleted.


Chapter III. Shall be deleted and instead will be provided data concerning the public entity (legal form, legislation which governs, etc).


Chapter IV. Shall be deleted.


Chapter V. It is replaced by: economic and financial information of the entity.


V.1 Cuadros-resumen of the three most recent annual budgets, whose liquidation is in condition to be submitted at the date of contribution of the pamphlet before the National Commission of the stock market. A comparison between the initial forecasts and the final settlement will be established in each fiscal year. Reference is made to the legal or regulatory controls that have passed such liquidations or, where appropriate, to controls that are pending.


V.2 Cuadro-resumen of officially approved budgets for the financial periods subsequent to those upon which is reported in the previous paragraph, including, in any case, information on the budget for the period in force.


V.3 operations of indebtedness.


V.3.1 relationship lending or borrowing transactions concluded by the entity that are outstanding of amortization. Detail object of the issue or offer of future financial service, with the estimated effect on values.


It will especially highlight if it incurred in any default in payments for interest or repayment of the principal.


V.3.2 description of principal investments financed with such operations of indebtedness, as well as of action programmes adopted in connection with such investments.


Chapter VI. Shall be deleted.


Chapter VII. Be adapted to the characteristics of the public entity. Who says, and other similar terms, the content which corresponds to or is replaced,.


Speaking of results shall be referred to the budgetary surplus / deficit. Be informed about future funding needs.


Annex E model of the prospectus of investment interest corresponding to these societies brochure will consist of chapters which are specified below, and also be annexed the by-laws of the company. When any or some of the information requested appear in these statutes, it won't need to duplicate them, sufficing with referral to the latter.


Chapter the first people who take responsibility for their content and supervisory bodies of the brochure I.1 people who assume responsibility for the contents of the brochure: I.1.1 name, surname, number of national identity or document of personal identification and charges or powers of the individual or individuals who assume responsibility for the contents of the brochure on behalf of the issuer or offeror.


I.1.2 mention that in the opinion of the person or persons, the data contained in the brochure are in conformity with the reality and that is omitted any facts likely to alter its scope.


I.2 bodies supervisors: I.2.1 shall be stated that the brochure is registered in the official records of the National Commission of the stock market or of the competent supervisors of other States agencies members of the European communities.


The following expression will be played: I.3 except if it's a Constitution booklet: name, address and qualifications of the Auditors that verified the annual accounts for the last 3 years.


Indication, where applicable, that all audit reports referred to in the preceding paragraph have been favorable. When one or several of such reports it contains an opinion with caveats, quantifiable or not, or the opinion of the Auditor were unfavorable, or unjustifiably declines the opinion, will be highlighted in this section and will be reproduced entirely the report or reports concerned, unless it is that should be accompanied as an annex to the prospectus in accordance with the provisions of chapter V in which case there will be a referral to that annex.


Indication of other information appearing in the brochure and that have been verified by auditors of accounts.


Chapter II the public offering and securities subject to the same 1. If it's a booklet of Constitution will be the corresponding to Annex A, with the necessary adaptations.


2. If it is a prospectus of issuance or initial public offering of equity or fixed-income securities, it will be that corresponding to Annex A or B, respectively.
3. If it is a brochure of update of an institution whose shares are listed on the stock exchange, this chapter is called, and will consist of the following sections: II.1 number of shares, by class and nominal value, admitted to stock trading on the date of the prospectus.


II.2 Se recogerán, en forma de cuadro resumido, los siguientes datos referidos a los doce meses del último ejercicio cerrado y a los meses transcurridos del ejercicio corriente en el momento de elaboración del folleto:


Mes / Número de valores negociables / Número de días cotizados / Valores negociados por día - Máximo / Valores negociados por día - Mínimo / Cotizaciones en pesetas - Máximo / Cotizaciones en pesetas - Mínimo


Enero ... / - / - / / - / - / -


Febrero ... / - / - / - / - / - / -


Marzo ... / - / - / - / - / - / -


Abril ... / - / - / - / - / - / -


Mayo ... / - / - / - / - / - / -


Junio ... / / - / - / - / - / -


Julio ... / - / - / - / - / - / -


Agosto ... / - / - / - / - / - / -


Septiembre ... / - / - / - / - / - / -


Octubre ... / - / - / - / - / - / -


Noviembre ... / - / - / - / - / - / -


Diciembre ... / / - / - / - / - / -


TOTAL ... / - / - / - / - / - / -


Aunque los valores negocien en several bags, is sufficient to provide only the information corresponding to the data of the most representative national stock exchange by the volume of trading in such securities.


If the values are negotiated in the stock exchange interconnection system, global data of the same will be provided.


Additionally, for the previous two years, simply provide the nominal total volume negotiated in each year and the frequency of annual contributions, as a percentage.


II.3 result and dividends per share, where appropriate, adjusted, using the following format: exercise exercise exercise benefit exercise.


Capital purpose exercise.


Number actions end exercise.


Earnings per share.


Adjusted capital.


Number actions set.


Adjusted earnings per share.


P.E.R.


Pay-out (percentage).


Dividend per share.


II.4 capital increases carried out during the three last financial years closed and the current period; proportions and conditions; theoretical value of the preferential right of subscription and real prices of this right: medium, maximum and minimum.


II.5 If the institution did not have all of its shares admitted to trading on a stock exchange of Spanish will be indicated the number of shares, class and nominal value of the not supported, at the date of preparation of the brochure.


In the event of actions not admitted in a Spanish stock market were it in a different bag organized market or on a foreign stock exchange, indicate the number, class and nominal value of the shares in each of these markets.


II.6 If securities issued by the company had been the subject of a takeover bid: conditions and results thereof.


Chapter III the institution and its capital III.1 complete designation of the issuer of the securities being offered. Where appropriate, abbreviated or commercial name. Fiscal identification code. Registered office, if the main offices do not agree with this, they noted.


III.2 legal information: III.2.1 date and form of Constitution of the institution. Data of your registration in the commercial register. The registration data of the institution in the official records of the National Commission of the stock market or the competent supervisors of other Member States of the European communities bodies. When they began their activities and duration of the company.


III.2.2 legal form and special legislation that does it apply.


III.3 information capital: III.3.1 nominal amount of the subscribed capital and the price paid to date for drafting the prospectus.


If it's a Variable Capital investment company is shall initial capital, the maximum statutory capital and capital circulation.


III.3.2 classes and series of shares, pointing to their nominal values, their respective amounts subscribed and paid-up, political rights and economic specifics involving, and its form of representation; If it's the book-entry system and there is a single entity responsible for its accounting records, name and domicile of the same.


If it's a Variable Capital investment company it will be complete referred to the characteristics of their actions, their form of emission, regime of negotiation securities, cases in which society will intervene by buying or selling their own shares and at what prices will do, exclusion of negotiation and, in general, its operating regime.


III.3.3 Schematic picture of the evolution of social capital in the last three years and brief description of the modification operations, qualitative and quantitative, in that period, and it may be for this last to refer to paragraph II.4.


III.3.4 existence of borrowing obligations, relating their amounts and characteristics.


Authorized Capital III.3.5: date of the general meeting where it was granted and deadline of its term, total amount approved and import used excluding the enlargement to which it relates the brochure.


III.4 number and nominal value of all the shares acquired and preserved in portfolio by the society or by intermediary and the fraction of social capital which they represent.


Authorizations granted by the general meeting to the Board of Directors of the society for the derivative acquisition of Treasury shares.


III.5 benefits and dividend distributed per share during the last 3 years, unless the information already appear in chapter II.


III.6 If the society is part of a group of societies, in accordance with the legislation resulting from application, indicate what and the position it occupies inside it, preferably in graphic form. Otherwise, be expressly stated that is not a part of a group of societies.


III.7 causes of dissolution of the institution and rules for its liquidation, in particular as regards the rights of the members.


III.8 specification of the means through which the partners will have access to periodic information which, according to its regulatory legislation, the institution is obliged to provide.


Chapter IV policy of investments of the institution and circumstances conditions political IV.1 of the institution investment: general criteria, specialization, limits, techniques and instruments that make up the institution investment policy. In particular you should provide information on the following aspects: IV.1.1 noted if the institution exceeds the investment limit set in paragraph first of number 3 of article 4. the regulation of the law 46/1984, regulating collective investment undertakings approved by Royal Decree 1393 / 1990, of 2 November. If so, shall specify the issuers whose securities is invested more than the 35 per 100 of the assets of the institution.


IV.1.2 operations of futures and options, purchase of and sales term debt in notes made in the last financial year. In this respect must be given, where appropriate, the following information, disaggregated according to the types of operations that differentiates the number 2 in the section first order of 6 July 1992: quantities and percentages that they represent on the assets of the institution.


Results obtained.


Purpose.


IV.1.3 noted if the institution makes investments in securities traded in foreign markets. If Yes, specify the markets, securities or instruments, issuers, amounts or percentages of assets representing at the time of making the brochure and any other significant data to the adequate information of investors.


IV.2 conditioning circumstances: IV.2.1 litigation which may have a major impact on the economic and financial situation of the institution.


IV.2.2 conditions otherwise noteworthy.


Chapter V capital, the financial situation and the results of the institution 1. Whether it's a brochure of Constitution: V.1 amount of social capital and, where appropriate, of the reserve for bonus issue of shares, at the time of the Constitution and in the presentation of the booklet.


V.2 identification of natural or legal persons who have paid-up capital and, where appropriate, the premium from issuance of shares at the time of the Constitution.


2. whether it's a brochure update or issuance or initial public offering of securities.


V.I comparative table of the Balance and account of profit and loss, both of public character, the last financial year closed with the previous two years.


V.2 comparative table of comparative and State financing portfolio of the last financial year closed with the two previous years.


V.3 as an annex, will be incorporated into the brochure the audit report, accompanied by the annual accounts of public (memory and profit and loss account Balance) and the management, corresponding to the last closed financial year report.


Note: You will only be required to refer to the most recent financial year if, at the date of presentation of the brochure they had after at least four months since the end of the year or, but had not passed that deadline, if their accounts were already audited; in another case, the references, making this section the last closed financial year construed as references to the last financial year.
V.5 when the most recent definitive accounts of which is reported in point V.1 relate to an earlier date in more than six months to the presentation of the booklet, must include a balance sheet, a profit and loss account and a State of portfolio intermediate or annual audit, public character earrings referring to a date not earlier in more than six months of presentation of the brochure.


Chapter VI administration, the direction and control of institution VI.1 identification and role in the institution of the people mentioned: VIII.1.1 members of the Board of Directors.


VI.1.2 directors and others who assume the management of the company at the highest level.


VI.1.3 founders of the institution if it was founded less than five years.


VI.2 set of interests in the institution of persons referred to in paragraph VI.1: VI.2.1 shares and other securities giving the right to its acquisition, of which such persons are owners or legal representatives or with General powers accredited to the institution.


VI.2.2 participation of those persons or that represent, in the unusual and relevant transactions of the society, in the course of the last financial year and the current. They are relevant, and unusual transactions for example, the purchase or sale of movable assets, contracts of society or its affiliates with such persons, persons, lending the society etc.


When such unusual transactions have been entered for prior years but have not been definitively concluded, you will also need to provide information on them.


VI.2.3 amount of salaries, diets and remuneration of any kind payable by persons mentioned in the preceding financial year closed either from any cause.


This information will be provided on a global basis for remuneration, distinguishing between administrators, managers and founders concepts.


VI.2.4 amount of obligations in terms of pension and life insurance with respect to the founders, current old and current of the Board of Directors and executive members and its predecessors. This information will be provided on a global basis and with separation of the benefits concerned.


VI.2.5 mention of the main activities that these persons outside the institution, when these activities are significant in relation to that institution.


VI.3 insofar as they are known to the issuer, indication of the natural or legal persons who, directly or indirectly, isolated or jointly, exercise or can exercise control over the issuer, and mention of the amount of the portion of capital that have and that confers the right to vote.


Joint control means control exercised by several companies or by several people who have concluded an agreement that could lead them to adopt a common policy against the issuer between them.


In this sense, if there are members of the Board of Directors elected by the proportional system referred to in article 137 of the consolidated text of the law of corporations, indicate what are, by mentioning the number, class and nominal value of grouped actions with which the corresponding ratio is formed.


VI.4 State if there are statutory provisions that pose or may pose a restriction or limitation to the acquisition of important stakes in the company by third parties unrelated to it. If so they must reproduce such statutory precepts or refer to them specifically.


VI.5 relationship of significant shares of the institution, referred to in article 5 of Royal Decree 1393 / 1990, of 2 November, with indication of their owners.


VI.6 number of shareholders of the institution. Shall contain the date that the information come referred.


VI.7 identification of persons or entities that are lenders of the institution, specifying the amounts, maturities and interest rates. It will not be necessary to inform those loans or debts which, by its amount, must be described as irrelevant.


VI.8 information on the establishment and functioning of the Supervisory Board of the management and audit.


VI.9 if it's a Variable Capital investment company, will include the following information on the depositary institution: VI.9.1 ID: name or business name, legal form, main activity and headquarters.


VI.9.2 your registration data as the depositary of the institution in the records official of the National Commission of the market of stock.


VI.9.3 mention of the depositary contract, making express reference to the acceptance of its functions by the depositary and reproducing the terms of that contract are considered to be more significant.


VI.9.4 commissions and any other type of compensation agreed with the institution.


VI.9.5 links that may exist with the institution, taking as a reference, if applicable, the enumeration of circumstances contained in article 4 of the law of the stock market.


Where appropriate, measures to guarantee and ensure the autonomous operation and the prevention of conflicts of interest between the depository and the institution.


VI.9.6 entities deposit which is manage the cash of the institution. Remuneration obtained from this deposit.


VI.10 specify if there is a, qualified entity legally responsible for the management of the social assets, either in its entirety, of a certain part. If so, you must provide the following information about the entity: VI.10.1 name or business name, legal form, registered office and main administrative headquarters, if this is different from the registered office.


VI.10.2 date of incorporation. Indication of the duration of the entity, if it is limited.


VI.10.3 the registration of the agreement of management or administration of assets in the official records of the National Commission of the stock market.


VI.10.4 If the entity manages the social assets of collective investment institutions, indicate what.


VI.10.5 identity and functions in the entity of the members of the organs of administration and management.


VI.10.6 amount of the capital subscribed and paid up.


VI.10.7 types of relationships that bind the entity with the institution and with the depositary of the institution, taking as reference, in your case, the enumeration of circumstances contained in article 4 of the securities market law.


Where appropriate, measures to guarantee and ensure the autonomous operation and the prevention of conflicts of interest.


VI.10.8 commissions or any other type of compensation that shall receive the entity for its management with respect to the institution.


VI.11 specify if there are other contracts with third parties in relation to the investment activities of the institution, other than those referred to in previous sections, such as the advice, etc. If so, include information on such contracts.


VI.12 if any information on the contracts concluded with domiciled entities and effective headquarters outside the national territory, referred to in article 53.2 of the regulation of the law 46/1984, approved by Royal Decree 1393 / 1990, of 2 November.


Chapter VII recent developments and perspectives of the institution.


VII.1 General information on the evolution of investments and the contribution of the actions of the institution after the close of the last financial year compared to the last financial year.


VII.2 perspectives: Brochure will require unquestionable way the content of this paragraph refers to estimates and intentions that can be carried out or not; also indicate the source of such estimates.


VII.2.1 estimation of prospects in the financial markets and securities.


VII.2.2 policy of investment in the future: specifically, noted: If the institution intends to invest more than the 35 per 100 of its assets in securities issued or guaranteed by a single entity, pointing out which it is.


If the institution intends to invest in securities traded on foreign markets, indicating, where appropriate, markets, values and amounts or percentages of assets that could represent such investments.


Where appropriate, the terms referred to in the fourth order of 6 July 1992 number, on collective investment transactions in futures and financial options.


Political VII.2.3 of distribution of results.


Annex F model of the prospectus of the funds for investment and investment of funds in the money market brochure corresponding to these investment funds assets will consist of chapters which are specified below and, in addition, be annexed the management regulation to that referred to in article 35 of the regulation of the law 46/1984 approved by Royal Decree 1393 / 1990, of 2 November.


Chapter the first people who take responsibility for their content and agencies supervisors of the brochure I.1 people who assume responsibility for the contents of the brochure: I.1.1 name, surname, number of national of the identity document or document ID and title or powers of natural persons who assume responsibility for the contents of the brochure on behalf of the management company and the depositary.
I.1.2 mention that in the opinion of such persons the information contained in the brochure are in conformity with the reality and that is omitted any facts likely to alter its scope.


I.2 bodies supervisors. Shall be stated that the brochure is registered in the records official of the National Commission of the market of stock or of the agencies competent supervisors of other Member States of the European communities.


The following expression will be played: will play warnings and considerations which, in accordance with the provisions of article 1., 9 of this order, made the National Commission of the stock market.


I.3 except if it's a Constitution booklet: name, address and qualifications of the Auditors that verified the annual accounts for the last 3 years.


Indication, where applicable, that all audit reports referred to in the preceding paragraph have been favorable. When one or several of such reports it contains an opinion with caveats, quantifiable or not, or the opinion of the Auditor were unfavorable, or unjustifiably declines the opinion, will be highlighted in this section and will be played entirely affected reports, or report unless it is that should be accompanied as an annex to the prospectus in accordance with the provisions of chapter V in which case there will be a referral to that annex.


Indication of other information appearing in the brochure and that have been verified by auditors of accounts.


I.4 evaluation of the risk inherent to the values or their issuer, when this assessment has been carried out by an entity rating. In such a case, be designated the complete name of the entity, the meaning of the degree awarded, date of evaluation and, where appropriate, be designated if the entity rating has been recognized as such by the National Commission of the stock market.


Chapter II general information on the institution, its management company and the depositary.


II.1 the investment fund.


II.1.1 denomination full and, where appropriate, abbreviated or commercial.


II.1.2 date of incorporation, moment in which gave beginning to its activities and duration of the Fund. Data of your registration in the records official of the National Commission of the market of stock or of the competent bodies of other Member States of the European communities.


If it's a Constitution booklet, will be expressly stated that the Fund will not be marketed until the moment of its registration in the official records and the initial patrimony will be maintained from the time of its establishment and until such registration takes place.


II.1.3 Fund modality, specifying if it is a fund distribution or accumulation.


II.1.4 special investment schemes offered to participants, with specification of their characteristics in terms of minimum contributions and review, duration of the plan, amount of commissions payable by subscribers of plans, standards of notice to its cancellation by the participant, causes of termination by the management company, guarantees obtained from financial institutions, special rules of information and other circumstances of the plans.


II.1.5 circumstances in which the liquidation of the Fund can be decided and patterns of settlement, in particular as regards the rights of the venturers; specific and must reproduce the forecasts of the management regulation on the matter or refer to them in a way.


II.1.6 number of participants. Shall contain the date to which the information relates.


II.2 the management company.


II.2.1 full and, where appropriate, abbreviated or commercial denomination, headquarters and main administrative headquarters, if this is different from the registered office. Your registration data in the records official of the National Commission of the market of stock.


II.2.2 date of incorporation. Indication of the duration of the company, if it is limited.


II.2.3 identity and functions in the company of the members of the organs of administration and management. Participation of these people in the capital of the company and the assets of the investment fund.


II.2.4 amounts subscribed and paid-up capital, as well as own resources.


II.2.5 type of relations that bind to the management company with the depositary, by reference, if applicable, the enumeration of circumstances contained in article 4 of the law of the stock market.


Where appropriate, medidas measures taken to guarantee and ensure the autonomous operation and the prevention of conflicts of interest, pursuant to the provisions of article 55.2 of the Real Decreto 1393 / 1990, of 2 November.


II.2.6 if society is part of a group, in accordance with the criteria of article 4 of the law of the securities, indicate what and the position within it, preferably in graphic form. Otherwise, be expressly stated that it does not form part of a group of societies.


II.2.7 relationship of significant shareholdings in the capital of the management company, referred to in article 58, 4, of Royal Decree 1393 / 1990, of 2 November.


II.2.8 if society manages investment funds or the social assets of collective investment institutions, indicate what, specifying heritage, number of partners and investment aims.


II.2.9 commissions that shall receive the society for its management with respect to the Fund. II.2.10 if any, information on concluded contracts with entities domiciled and headquartered effective outside the national territory, referred to in article 53, 2, of Royal Decree 1393 / 1990, of 2 November.


II.2.11 regime of communication of the statement of position of the Fund participants and, in general, of all the periodic information that, in accordance with the regulations, is required to provide to the participants.


Places where can refer to the documentation that is cited in the booklet.


II.3 depositary of the Fund.


II.3.1 identification: Full and, where appropriate, abbreviated or commercial name, legal form and main activity, headquarters.


II.3.2 their registration data as the depositary of the Fund in the records official of the National Commission of the market of stock.


II.3.3 reproduction of the gestora-depositario contract.


II.3.4 commissions and any other kind of fees which the depositary shall receive for their functions.


II.3.5 entities deposit which is manage the cash from the Fund. Remuneration obtained from this deposit.


II.3.6 identification of the entity or entities that have outsourced the administration of part or all of the values of the investment fund. Subcustodia, in appropriate contracts.


II.4 marketing of the Fund.


II.4.1 description detailed shape and distribution channels that are used or will be used for the marketing of the Fund.


II.4.2 collective of potential investors that shares of the Fund are offered.


II.4.3 existence, where appropriate, third party developers. Relations with the management company and the depositary, with reference to the contracts which have been established in this regard.


Chapter III III.1 General characteristics of entries entries.


III.2 form of representation of the participations. If it is from the book-entry system, indicate exactly the commissions that investors, according to the tariff in force, must withstand for registration and maintenance of balances, except if the entity in charge of the ledger is the clearing and settlement of securities, in which case it will suffice to mention, where appropriate, the existence of commissions by the aforementioned concepts in charge of investor.


III.3 if it's a booklet of establishment of the Fund by the means of public subscription of its stakes, will be made the following specific terms: III.3.1 reproduction of the agreements adopted by the promoters of the Fund, the management company and the depositary.


III.3.2 reference to the authorization of the offer for public subscription by the National Commission of the stock market.


III.3.3 collective of potential investors who are future entries, indicating the reasons for choice of them.


III.3.4 date or period of subscription.


Mention that, in accordance with article 36.3 of the regulation of the law 46/1984, approved by Royal Decree 1393 / 1990, of 2 November, after one year, as maximum, since the approval of the tender without which the Fund would have constituted by not having reached the legal minimum equity, will proceed to the liquidation to the contributors of their respective contributions and increases in wealth or yields obtained by the inversion of these contributions.


If promoters had set out to achieve a higher than the legal minimum heritage must be specified if the Fund shall constitute however is not reached the amount being pursued, always exceeding the reached the legal minimum; or if, conversely, will proceed to the payment referred to in the previous paragraph as a consequence of the inadequacy of contributions.


III.3.5 where and to whom can be processed the subscription or acquisition.


III.3.6 characteristics and form of delivery of subscription newsletters or guards of the contributions.


III.3.7 entity or entities involved in the placement or marketing, citing their different tasks and describing these in concrete form. In this respect, shall be recorded the total amount of commissions agreed between the underwriters and the promoters of the tender.
III.3.8 special account opened in the names of the contributors that captured resources, and investments in which materialize them will be deposited. Guarantees of involvement of these resources and their profits or increases of assets with the purpose of the tender.


III.3.9 mention that, in accordance with article 36.5 of the regulation of the law 46/1984, approved by Royal Decree 1393 / 1990, of 2 November, the Fund will be constituted within the period of one month, provided that the minimum equity legal or, where applicable, higher than the legal minimum pursued heritage, and once achieve than one year since the authorization of the public offer by the National Commission of the stock market transmitting it in the same Act ownership of existing assets with income and earned income. Simultaneously, you will recognize the contributors holdings in the Fund by the equivalent amount of their respective contributions and the period in which they were made.


Time and form of delivery of the titles or final certificates of shares.


III.3.10 identification of the Auditor designated by the National Commission of the stock market to carry out verification of the public subscription and its liquidation. Remuneration stipulated in this regard and form of the contributors or participants access to the report.


III.3.11 responsibility to contributors, partners and third parties who assume the management company, the custodian and, where appropriate, other entities involved in the placement or marketing of the future units.


III.4 starting price of the shares at the time of the establishment of the Fund. Initial and minimum investment to keep by the participants. Provides for maximum volume of investment that can be achieved by a single participant, case that as well the management regulations, indicating that this limit will apply generally to all participants.


III.5 regime of subscription and refund of contributions.


III.5.1 information about places where you can make the subscription and refund.


III.5.2 net asset value applicable to subscriptions and reimbursements.


III.5.3 on the assumption that refunds can be made through cheque book, specify the way, instrumentalizarán as well as other associated services.


III.6 commissions subscription and refund regime; amounts actually applied and its way of calculation.


III.7 rules of calculation of net asset value of the shares. Regime of communication of the net asset value to the corresponding society Chancellor of the bag, with specification of what is the latter.


III.8 if it's a distribution fund, criteria for distribution of results and form and deadline for the cash payment to holders of the distributed profits.


III.9 rules of valuation of the Fund assets. For these purposes, it is sufficient to send concretely management rules and regulations resulting from application.


III.10(b) personal taxation on income, distinguishing between resident and non-resident participants. Describe each tax regime with sufficient amplitude, literally transcribing the applicable legal provisions when necessary for the proper understanding of the exhibition.


Chapter IV investment of the institution and policy constraints circumstances will be the corresponding to Annex E, while in paragraph IV.1 is must be set, in any case, the aim of the investment fund as of fixed income, income fixed mixed income mixed variable or variable income, in accordance with the criteria established the National Commission of the stock market.


Chapter V heritage, the financial situation and the results of the institution 1. Whether it's a brochure of Constitution: V.1 amount of heritage at the time of the Constitution and of the preparation of the brochure.


V.2 identification of the natural or legal persons that have paid out the heritage at the time of the Constitution, with an indication of their percentage of participation in this.


2. whether it's a brochure of update: V.1 comparative table of the Balance and account of profit and loss, both of public character, the last financial year closed with the previous two years.


V.2 comparative table of comparative and State financing portfolio of the last financial year closed with the two previous years.


V.3 as an annex, will be incorporated into the audit report booklet, accompanied by the annual accounts of public character (Balance, memory and profit and loss account) and the management, corresponding to the last closed financial year report.


V.4 integral reproduction of the latest report of the audit of the annual accounts.


V.5 identification of persons or entities having significant stakes in the assets of the Fund, referred to in article 5. of Royal Decree 1393 / 1990, of 2 November, and percentages that have.


Chapter VI recent developments and perspectives of the institution VI.1 General information on the evolution of the investments of the Fund subsequent to the close of the last financial year, compared to the last financial year.


VI.2 perspectives: Brochure will require unquestionable way the content of this paragraph refers to estimates and intentions that can be carried out or not; also indicate the source of such estimates.


VI.2.1 estimation of prospects in the financial markets and securities.


VI.2.2 policy of investments to follow in the future.


Specifically, noted: If the institution intends to invest more than the 35 per 100 of its assets in securities issued or guaranteed by a single entity, pointing out what it is.


If the institution intends to invest in securities traded on foreign markets, indicating, where appropriate, markets, values and amounts or percentages of assets that could represent such investments.


Where appropriate, the terms referred to in the fourth number of the order of 6 July 1992 on operations of the institutions of collective investment in futures and financial options.


VI.2.3 in his case, political distribution of results.

Related Laws