Incorporation

Incorporated as a Mortgage Securitisation Fund Management Company on January 19, 1993.

Prior authorisation of the Economy and Finance Ministry dated December 17, 1992.

Registration

Entered in the special Register of the Spanish Securities Market Commission on March 30, 1993 under number 2.

Securitisation Fund Management Company

Re-registered as a Securitisation Fund Management Company on October 25, 1999.

Prior authorisation of the Economy and Finance Ministry dated October 4, 1999.