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Letter from the Chairman

Corporate Social Responsibility Report 2014


Dear shareholder:

As Chairman of the Board of Directors, it ismy pleasure

to present to you BME’s Corporate Social Responsi-

bility (CSR) report for 2014.

We spent 2014 redoubling our efforts to develop

new ways for a greater number of companies to raise

funding. We believe this is the best we can do on all

fronts –including CSR– for all of us to drive the incipient

recovery of the Spanish economy.

One example of these efforts is the Mercado Alterna-

tivo de Renta Fija (MARF) for medium-sized companies;

issuance volume on this market in its first year of oper-

ation was considerable. Also in 2014, activity picked

back up on the MAB, which was created to enable

small andmid-cap companies to tap the capital market

for finance.

Through all its mechanisms combined, BME channeled

some €36.1 billion of finance to companies, making it

the second largest European market and the eighth in

the world.

We remain committed to fostering and spreading the

financial culture in Spain, so that as many people as

possible can learn as much as they can about financial

markets. There are a variety of activities in this respect.

For instance, I would highlight the publication of the


Gestión Activa de Carteras de Renta Fija: un enfoque


(Active Fixed Income Portfolio Management:

a Practical Approach), or the awards sponsored by

BME for Outstanding Achievements in Equities, Fixed

Income and Derivatives at the XXI Finance Forum held

by the Spanish Finance Association AEFIN, the bench-

mark event in Spain in the area of financial research.

Also worth noting are the courses and seminars hosted

by Instituto BME, not tomention the reports and studies

prepared by our Research Department and published

in the


magazine and disseminated through

various media and communication channels.

One study showed that households were once

again the second largest owners of shares in 2014,

accounting for nearly 27% of the total, almost seven

percentage points higher than when the 2007 crisis

unfolded and the highest in the past 11 years.

We are also pleased to see the stock exchange

regaining its status as a source of wealth and saving for

citizens through the remuneration policy applied by

most companies with regard to retail investors. Market

recovery has pushed the financial wealth of families

back up to record levels of over €1 trillion.

Meanwhile, BME maintains the return on capital

invested, offering one of the highest dividend yields of

any IBEX 35 company.

We continue to promote and host seminars and

conferences, such as the MEDCAP Forum, designed

to bring SMEs closer to Spanish and foreign inves-

tors, or the Latibex Forum, which has become an

annual meeting point for Spanish investors with other

European and Latin American investors.

Antonio Zoido, BME Chairman & CEO