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Equities

2

STRUCTURE ORGANISATION AND OPERATION

OF THE SPANISH SECURITIES MARKET

IBEX 35® WITH DIVIDENDS

The IBEX 35® WITH DIVIDENDS comprises the

same securities and has the same calculation criteria

as the IBEX 35®. Adjustments to the index include the

same adjustments to the IBEX 35®, plus a technical

adjustment for each ordinary dividend payment and

other payments to shareholders similar to ordinary di-

vidends. The gross value of the dividend or payment

is discounted.

IBEX 35® WITH NET DIVIDENDS

The IBEX 35® WITH NET DIVIDENDS comprises

the same securities and has the same calculation crite-

ria as the IBEX 35®. Adjustments to the index include

the same adjustments to the IBEX 35®, plus a technical

adjustment for each ordinary dividend payment and

other payments to shareholders similar to ordinary di-

vidends. The net value of the dividend or payment is

discounted.

IBEX 35® INVERSE

The IBEX 35® INVERSE comprises the same secu-

rities as the IBEX 35®. The calculation criteria replica-

te the daily movements of the IBEX 35® WITH DIVI-

DENDS, in the opposite direction; i.e. if a session of

the IBEX 35® WITH DIVIDENDS has a positive return,

the IBEX 35® INVERSE, in that same market session,

will have a negative return in a similar amount.

IBEX 35® DOUBLE INVERSE

The IBEX 35® DOUBLE INVERSE comprises the

same securities as the IBEX 35®. The calculation crite-

ria duplicate the inverse daily movements of the IBEX

35® WITH DIVIDENDS, in the opposite direction; i.e.

if a session of the IBEX 35® WITH DIVIDENDS has a

positive return, the IBEX 35® DOUBLE INVERSE, in

that same market session, will have a negative return

in a duplicated amount.

IBEX 35® TRIPLE INVERSE

The IBEX 35® TRIPLE INVERSE comprises the

same securities as the IBEX 35®. The calculation crite-

ria triplicate the inverse daily movements of the IBEX

35® WITH DIVIDENDS, in the opposite direction; i.e.

if a session of the IBEX 35® WITH DIVIDENDS has a

positive return, the IBEX 35® TRIPLE INVERSE, in that

same market session, will have a negative return in a

triplicate amount.

IBEX 35® DOUBLE LEVERAGE

The IBEX 35® DOUBLE LEVERAGE comprises

the same securities as the IBEX 35®. The calculation

criteria duplicate the inverse daily movements of the

IBEX 35®, i.e. if a session of the IBEX 35® has a posi-

tive return, the IBEX 35® DOUBLE LEVERAGE, in that

same market session, will have a positive return in a

duplicated amount.

IBEX 35® DOUBLE LEVERAGE GROSS

The IBEX 35® DOUBLE LEVERAGE GROSS com-

prises the same securities as the IBEX 35® WITH DI-

VIDENDS. The calculation criteria duplicate the daily

movements of the IBEX 35® WITH DIVIDENDS.

IBEX 35® DOUBLE LEVERAGE NET

The IBEX 35® DOUBLE LEVERAGE NET compri-

ses the same securities as the IBEX 35® WITH NET DI-

VIDENDS. The calculation criteria duplicate the daily

movements of the IBEX 35® WITH NET DIVIDENDS.

IBEX 35® TRIPLE LEVERAGE

The IBEX 35® TRIPLE LEVERAGE comprises the

same securities as the IBEX 35®. The calculation cri-

teria triplicate the daily movements of the IBEX 35®,

i.e. if a session of the IBEX 35® has a positive return,

the IBEX 35® TRIPLE LEVERAGE, in that same mar-

ket session, will have a positive return in a triplicated

amount.