English to Spanish Bus/Financial Finance (general) equity

In 2002, Banesto carried out a monetary capital increase through the issuance of 81,670,694 new shares, carrying preemptive rights, at a ratio of 2 new shares issued at par for every 15 old shares. BSCH sold the preemptive rights received in this transaction (arising from our 99.04% holding in the capital stock of Banesto) for €443 million and reduced our ownership interest in Banesto to 88.57%. As of December 31, 2004, BSCH had an 88.65% holding in the capital stock of Banesto.