INFORMATION MEMORANDUM DATED 9 JULY 2009 ...

elief and wish to benefit from an immediate refund. This information is collected by the
ICSDs using electronic or other approved/authenticated channels of communication, amongst
others SWIFT, tested telex, secured/approved email or mail. This provisional beneficial owner
information must include the identity (indicating the tax identification code for Spanish
residents), the tax residency, the position and the amount of income for each beneficial owner
requesting an immediate refund (the "Provisional Beneficial Owner Information") 8 .
4. Beginning as of the date specified in the contractual documentation between the ICSDs and
their Customers/Participants and until close of business on the Business Day immediately
before the relevant Payment Date (the "Record Date") 9 + 10 : The ICSDs' Customers/Participants
are obliged to inform the ICSDs using the abovementioned communication channels of any
change in the Provisional Beneficial Owner Information already provided, so that, in line with
Spanish law, it is accurate at close of business on the Record Date, reflecting the entitlement.
This obligation is reflected in the contractual documentation between the ICSDs and their
Customers/Participants. In addition the ICSDs support their Customers'/Participants'
reconciliation by monitoring that the sum of the positions that relate to the Provisional
Beneficial Owner Information reported by each Customer/Participant does not exceed its total
balance, as reflected in the ICSDs' books. Moreover, the ICSDs control that this sum of
positions that relate to the Provisional Beneficial Owner Information remains in line with the
total position of the Customer/Participant by automatically monitoring the settlement activity of
each Customer/Participant which may affect its total position. The balances are continuously
reconciled and any discrepancy in the Provisional Beneficial Owner Information is reported to
the relevant Customer/Participant for action by using the most relevant approved
communication channel (telephone, email if approved, SWIFT).
5. Beginning at close of business on Record Date: The ICSDs process the Provisional Beneficial
Owner Information which, once updated, if necessary, by the Customer/Participant so as to be
accurate at close of business on the Record Date, will be considered the "Final Beneficial
Owner Information" and control that the Final Beneficial Owner Information provided by
each Customer/Participant is in line with its entitled position in the relevant ICSDs' books, and
that no excessive immediate refund is claimed. By 19:30 CET on the Record date the ICSDs
will transmit in electronic format by email/secure email 11 (or by fax, if necessary) to the
Depository the Final Beneficial Owner Information collected through the close of business on
such date, together with a global confirmation of the aggregate (i.e. global) position for each
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e.g. for short term notes the deadline of 20 Business Days does not apply.
For last minute changes please refer to point 6 of Article I.
The Record Date is the day on which the beneficial owners should hold the Notes to be eligible to receive
the entitlement. The concept of "close of business" on Record Date in this context is the end of the window
in which a transaction can settle (e.g. purchase, sale, transfer), affecting the position of the ICSD's
Customer/Participant (and therefore the position of the beneficial owner), and that can result in the creation,
increase or decrease of a beneficial owner's position entitling him to receive income on the relevant
Payment Date.
It is important to note that receiving the copy of the relevant documentation may require that the
Issuer/Certification Agent uses secured email if imposed by the law governing the ICSD's activity.
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