CADE SYSTEM: Fees

Circular no. 12/2016, of 29 January
CADE SYSTEM
MADRID COMPANIES REGISTER, VOLUME 15611, BOOK 0, SHEET 5, PAGE M-262.818, ENTRY 1, TAX NUMBER A-82.695.677
FEES
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 Clearing and Settlement
System for transactions carried out in the book-entry public debt market and the AIAF FixedIncome Market (hereinafter, the CADE system).
This Circular approves the fees applied to securities included in the CADE system, which
comprise securities traded in the book-entry public debt market, the AIAF Fixed-Income Market,
the Alternative Fixed-Income Market and the Electronic Fixed-Income Market and other
securities for which IBERCLEAR manages the book entry. The launch of the ARCO Securities
Registration and Settlement System and repeal of Circular 6/2007, of 30 November, on Fees
and Penalties, resulted in the need for a new Fees Circular to be approved for the CADE
system previously subject to the now repealed Circular.
Therefore, the IBERCLEAR Board of Directors has approved the following
Sole regulation. Approval of fees. CADE system
The fees applicable to participants and issuers for securities included in the CADE system are
approved. The fees are attached as an appendix to this Circular.
Palacio de la Bolsa
Plaza de la Lealtad, 1
28014 Madrid
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SETTLEMENT AND REGISTRY
ADDITIONAL PROVISION
The following are attached as appendices to this Circular:

Appendix A. CADE SYSTEM: Fees and penalties. Participants.

Appendix B. CADE SYSTEM: Fees. Issuers.
FINAL PROVISION
This Circular shall enter into force on the date of the launch of the ARCO Securities Registration
and Settlement System.
REPEAL PROVISION
Once all transactions pending settlement in the Clearing and Settlement Systems for securities
admitted to trading on Stock Markets, the Latin American Securities Market and the Alternative
Equity Market have been settled, Circular no. 6/2007, of 30 November, on fees and penalties,
will be repealed.
Madrid, 29 January 2016
Juan de Dios Pérez Fernández
Deputy General Manager
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SETTLEMENT AND REGISTRY