Description of Renta 4 Servicios de Inversión

Renta 4 Servicios de Inversión is the parent company of a number of companies providing investment and asset management services (the "Renta 4 Group"). It is not affiliated with any banking or industrial group and prides itself in being independent.

The Renta 4 Group's activities can be classified as:

(a) Brokerage services: The sale and purchase of securities and other financial instruments in the domestic and international markets as well as the sale of Collective Investment Institutions (CIIs) and Pension Plans, both managed by the Group and belonging to third parties. At 31 December 2009, brokerage revenues represented 67.8% of Renta 4 Group's total commission income.
(b) Asset management: CII (36 Investment Funds and 60 SICAVs) and Pension Fund (currently four) management carried out by the Group's fund managers; discretionary management of equity portfolios; discretionary management of Investment Funds or a combination of equity and investment funds regardless of whether these are the group's own or belong to third parties; and wealth management known as Private Wealth Management (GPP for its initials in Spanish). At 31 December 2009, asset management revenues represented 25.9% of Renta 4 Group's total commission income.
(c) Corporate Services and others: Provides services to companies and other activities not included in the previous sections whose contribution to Group earnings is not particularly significant when taken separately. This business segment includes security and CII custodian services, corporate advice traditionally known as corporate finance or M&A, the underwriting and placement of issues and public offers, the outsourcing of various services and corporate services. Public Debt Management is also included in this segment. At 31 December 2009, corporate services and others represented 6.3% of Renta 4 Group's total commission income.

Renta 4 is a Spanish mercantile company which has Limited Company status. It is therefore subject to the Spanish Limited Companies Law and corresponding legislation.

Notwithstanding the above, Renta 4's most important subsidiaries (Renta 4 Sociedad de Valores S.A., Padinco Patrimonios, SGC, S.A., Renta 4 Gestora, SGIIC, S.A., Gesdinco Gestión, SGIIC, S.A. and Renta 4 Pensiones, EGFP S.A.) are subject to the regulatory legislation governing the securities markets as well as that appertaining to pension funds and plans.

The Company and its subsidiaries are headquartered in Madrid. The Group uses its own network and also third parties' networks to distribute its products and services.

The key figures for the Renta 4 Group at 31 December 2009 are:

(i) Total assets, both administered and managed: EUR 4.8 billion.
(ii) Number of accounts: 140,665.
(iii) Number of branches: 57.
(iv) Average number of employees: 277. Of which, nearly half (128) work at Madrid in the Headquarters, located at Paseo de la Habana, 74. The other 149 are distributed throughout the branch network.