Fermín Cifuentes of Banesto appointed to the Board of the International Capital Market Association (ICMA)

London - 10 March 2008

The International Capital Market Association (ICMA) has announced the appointment of Mr. Fermín Cifuentes of Banesto (Banco Español de Crédito, S.A) to the Board of ICMA.

Mr. Cifuentes, Managing Director in the Banesto Treasury and Capital Markets area, is currently responsible for the documentation and compliance unit at Banesto, which he joined in 2001 after 14 years in senior positions at various US banks. Mr. Cifuentes brings to the Board both experience of continuous market innovation in fixed income from Banesto and knowledge gained as an active member of ICMA’s Regulatory Policy Committee for the last two years.

The other members of the ICMA Board are: Giuseppe Distefano, Fair Advisory SA; Robert B. Gray, HSBC Bank (Vice Chairman); Martin Gut, Credit Suisse; Paul Hearn, BNP Paribas; Walter M. Henniges, Deutsche Bank AG; René Karsenti, ICMA; Brian M. Lawson, Nomura International; Martin Lee-Warner, Raiffeisen Zentralbank Österreich; Richard Levy, Goldman Sachs International; Andreas Luethi, Sarasin Rabo Investment Management; David Marks , J.P. Morgan Securities; Hans-Joerg Rudloff, Barclays Capital Securities (Chairman); Martin Scheck, UBS; Rutger V.C. Schellens, Coöperatieve Centrale Raiffeisen-Boerenleenbank (Deputy Chairman); Geert J.A.I. Van der Heyden, Fortis Bank.

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