Making the corporate resolutions

required for constituting the Fund.

Issuing the documents and certificates

required by the Spanish Securities Market Commission.

Selecting,

as the case may be, the Notary Public and organising the execution of the deed and requisite agreements.

Executing

the public deed constituting the Fund and the agreements.

Arranging

advertising on the Fund’s behalf: press announcements, editing and printing the offering circular.

Inclusion of the securities issued

in the relevant clearance and settlement system.

Having the securities issued listed

on the stock exchanges.