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This presentation material has been prepared by the Spanish Treasury and is updated on a regular basis. We reserve all rights.

This document is for information purposes only. Nothing in this presentation material constitutes, or forms part of, any offer or invitation to underwrite, subscribe or otherwise acquire or dispose of Spanish Government debt. It is provided for information purposes only and it is not intended to provide the basis for any credit or any other third party evaluation of that debt. While the Spanish Treasury applies its best efforts to include accurate information and the information herein is believed to be reliable, it makes no representation or warranty as to the accuracy or completeness of such information.

Distribution of information contained in this presentation material may be forbidden or limited by legislation of some jurisdictions. ACCESS IS DENIED TO PERSONS TO WHOM THESE RESTRICTIONS IN SUCH JURISDICTIONS APPLY AND GRANTED ONLY TO JURISDICTIONS IN WHICH THE DISTRIBUTION OF THIS INFORMATION IS NOT LEGALLY LIMITED.

The information contained on this website does not constitute an offer for sale in the United States of America. The securities described have not been, and will not be, registered under the US Securities Act of 1933, as amended, or with any securities regulatory authority of any state or other jurisdiction in the United States of America and may not be offered or sold, directly or indirectly, into the United States of America unless the securities are so registered or an exemption from the registration requirements is available.

Each person is required to inform himself accordingly and to comply with applicable restrictions. The Treasury of the Kingdom of Spain is by no means liable for any such infringement.

As a consequence of the previous information, you confirm that you are not a resident of the United States of America or of any jurisdiction in which the distribution of this information is legally limited and that you will not distribute any of the information and documents contained hereon to any person resident in the United States of America or in any jurisdiction in which the distribution of this information is legally limited. None of the information displayed or in connection with the presentation material is an offer of securities for sales in the United States of America.”