1 Please note that only the Spanish version of this

Circular nº 05/2016, of 29 January
ARCO SECURITIES REGISTRATION AND SETTLEMENT SYSTEM.
MADRID COMPANIES REGISTER, VOLUME 15611, BOOK 0, SHEET 5, PAGE M-262.818, ENTRY 1, TAX NUMBER A-82.695.677
APPROVAL OF THE PROCEDURES MANUAL
Please note that only the Spanish version of this Circular produces legal effect. Any translation
is provided for commercial purposes only.
Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores,
S.A.U. (hereinafter, IBERCLEAR) is responsible for managing the settlement system for
securities included in its book-entry register that are admitted for trading in official secondary
markets, multilateral trading systems and others. This system, known as the ARCO Securities
Registration and Settlement System, was developed by IBERCLEAR to include, in an initial
phase, securities admitted for trading on Stock Markets, the Alternative Equity Market and the
Latin American Securities Market. This was subsequently expanded through the inclusion of
securities listed in the Clearing and Settlement System for transactions carried out in the bookentry public debt market and the AIAF Fixed-Income Market (CADE).
This Circular approves the ARCO Securities Registration and Settlement System Procedures
Manual.
Therefore, the IBERCLEAR Board of Directors has approved the following
Sole regulation. Approval of the ARCO Securities Registration and Settlement System
Procedures Manual.
The ARCO Securities Registration and Settlement System Procedures Manual is hereby approved.
The Procedures Manual is available in the private area of the IBERCLEAR website.
Palacio de la Bolsa
Plaza de la Lealtad, 1
28014 Madrid
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SETTLEMENT AND REGISTRY
FINAL PROVISIONS
1. This Circular shall enter into force on the day following its publication.
2. IBERCLEAR is authorised to develop and modify the technical procedures set out in the Manual
approved through this Circular by issuing an Instruction.
Madrid, 29 January 2016
Juan de Dios Pérez Fernández
Deputy General Manager
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SETTLEMENT AND REGISTRY