1 Please note that only the Spanish version of this

Circular nº 06/2016, 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
SETTLEMENT DATES
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 Stocks Markets, the Alternative Equity Market and the Latin American
Securities Market. This was subsequently expanded to include securities listed in the Clearing
and Settlement system for transactions carried out in the book-entry public debt market and the
AIAF Fixed-Income Market (CADE).
This Circular approves the settlement dates for the ARCO Securities Registration and Settlement
System.
Therefore, the IBERCLEAR Board of Directors has approved the following:
Sole regulation. Approval of the ARCO Securities Registration and Settlement System
settlement dates.
1. The settlement dates for the ARCO Securities Registration and Settlement System will be as
set down by the European Central Bank for the TARGET2 system.
2. Dates identified as public holidays in the TARGET2 calendar will be considered non-business
days for settlement purposes. These are therefore not included in calculating the dates for bookentry registration and settlement of trades.
Palacio de la Bolsa
Plaza de la Lealtad, 1
28014 Madrid
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SETTLEMENT AND REGISTRY
FINAL PROVISION
This Circular shall enter into force on the day following its publication.
Madrid, 29 January 2016
Juan de Dios Pérez Fernández
Deputy General Manager
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SETTLEMENT AND REGISTRY