BME 1st Half-Year Results 2007

2

DISCLAIMER>THIS INFORMATION IS STRICTLY CONFIDENTIAL AND IS BEING FURNISHED TO YOU SOLELY FOR YOUR INFORMATION. IT MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON, AND IT MAY NOT BE PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. BY RECEIVING THIS INFORMATION, YOU BECOME BOUND BY THE ABOVE-REFERRED CONFIDENTIALITY OBLIGATION. FAILURE TO COMPLY WITH SUCH CONFIDENTIALITY OBLIGATION MAY RESULT IN CIVIL, ADMINISTRATIVE OR CRIMINAL LIABILITIES.

>NEITHER THIS INFORMATION NOR ANY COPY OF IT MAY BE TAKEN, TRANSMITTED INTO, DISCLOSED ORDISTRIBUTED IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN. THE DISTRIBUTION OF THIS INFORMATION IN OTHER JURISDICTIONS MAY ALSO BE RESTRICTED BY LAW AND PERSONS INTO WHOSE POSSESSION THIS INFORMATION COMES SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH RESTRICTIONS.

>THIS INFORMATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE SHARES. BOLSAS Y MERCADOS ESPAÑOLES, SOCIEDAD HOLDING DE MERCADOS Y SISTEMAS FINANCIEROS, S.A. (“BME”) IS CONDUCTING ITS INITIAL OFFERING OF SHARES COMPRISING (1) A PUBLIC OFFERING OF SHARES IN SPAIN BY WAY OF A SPANISH LANGUAGE PROSPECTUS (“FOLLETO”) WHICH HAS BEEN APPROVED BY AND REGISTERED WITH THE COMISIÓN NACIONAL DEL MERCADO DE VALORES (“CNMV”) IN SPAIN ON JUNE 22, 2006, AND (2) AN INTERNATIONAL OFFERING OUTSIDE OF SPAIN TO INSTITUTIONAL INVESTORS. ANY DECISION TO PURCHASE SHARES IN THE OFFERING SHOULD BE MADE SOLELY ON THE BASIS OF THE INFORMATION CONTAINED IN THE FOLLETO (AS SUPPLEMENTED FROM TIME TO TIME) OR TO BE CONTAINED IN THE FINAL INTERNATIONAL OFFERING MEMORANDUM TO BE PUBLISHED IN DUE COURSE IN RELATION TO THE OFFERING.

>THE INFORMATION CONTAINED IN THIS DOCUMENT HAS BEEN PROVIDED BY BME.

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Index

> Highlights

> Business areas

> Business Drivers

> Financials

4

Highlights - 1st Half Year 2007

> Record profits of 103 M € (+66.1%) driven by stronggrowth in revenues to 191.2 M € (+38.9%) and strict costcontrols (+0.4%)

> With an increase of 60.9% in trading volumes, equities was the strongest growth driver, followed by settlement (27.8% of EBITDA)

> Product innovation and new services: o New licenses for the launch of ETFs

o Listing of venture capital funds on the MAB (Mercado Alternativo

Bursátil)

o Introduction of new currency issues on the AIAF market

o Wider offer of MEFF services for the electricity sector

> Paid out suplementary dividend of 50 M €

> BME included in the IBEX 35®

5

Net Net ProfitProfit 1H 1H -- 2007/ 20062007/ 2006

An outstanding 1st Half-year

EBITDA 1H EBITDA 1H -- 2007/ 20062007/ 2006

RevenuesRevenues 1H 1H -- 2007/ 20062007/ 2006

€ Mill.

GrowthGrowth……

CostsCosts 1H 1H -- 2007/ 20062007/ 2006

ControlControl……

= Profitability= Profitability

€ Mill. + 38.9 %45,7 45,9

2006 2007

€ Mill. + 0.4 %

€ Mill.+ 58.1 % € Mill.

+ 66.1 %

6

2Q and 1H Profit and Loss Account

Strong revenue growth in the main business areasSuccessful cost control Improved marginsStrong cash-flow generation

Thousands of € 2Q 2007 2Q 2006 % 2007 2006 %

Revenues 98,272 67,515 45.6% 191,166 137,582 38.9%

Expenses (23,779) (23,603) 0.7% (45,883) (45,688) 0.4%

EBITDA 74,493 43,912 69.6% 145,283 91,894 58.1%

EBIT 72,600 42,390 71.3% 141,661 88,895 59.4%

Financial results 4,463 2,754 62.1% 8,568 5,138 66.8%

EBT 77,063 45,144 70.7% 150,229 94,033 59.8%

Net Profit 52,832 29,375 79.9% 102,977 61,980 66.1%

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Business Areas

8

Business Areas

46%

7%2%

25%

8%

8%4%

Equity

DerivativesFixed Income

Clearing & Settlement

Information

IT & Consulting

Listing

49%

1%

27%

8%

7% 2%

6%Derivatives

IT & ConsultingListing

ConsolidatedConsolidated RevenuesRevenues 1H1H07 07 -- %% EBITDA 1H07 EBITDA 1H07 -- % %

Information

Clearing & Settlement

Fixed Income

Equity

9

EquityEquity TurnoverTurnover (SIBE)(SIBE)

494.3

636.9

850.4

1,153.5

531.9

859.3

2003 2004 2005 2006 1H06 1H07

+ 35.6%

Billion €

Equity market: High growth in turnoverThousands

of €2Q 2007 2Q 2006 % 2007 2006 %

Revenues 41,336 30,011 37.7% 88,433 63,808 38.6%

Expenses (8,771) (8,304) 5.6% (16,691) (16,695) 0.0%

EBITDA 32,565 21,707 50.0% 71,742 47,113 52.3%

+61,6%

> Historic highs in share trading:

> for a single quarter

> for a single month (June, with 180,402 million euros in turnover)

> ETFs market development

> Consolidated role of MAB as the market for SICAVs

> Record number of orders settled in 1H 2007: 38.6 Mill. (+49.4% more than 1H 2006)

Equity trading was the fastestgrowing business unit during

the 1H 2007

10

532

1.154

850

652530

859

241818 16 17

11

2003 2004 2005 2006 1H06 1H07Turnover Number of trades

FixedFixed incomeincome –– SecuritiesSecurities underunder custodycustody(nominal (nominal valuevalue))

EquityEquity (SIBE) (SIBE) -- TurnoverTurnover ((billionbillion €€) ) andand numbernumber ofof tradestrades settledsettled ((millionmillion))

1,072954

787638

518

2003 2004 2005 2006 1H07

Billion €

+ 21.2%

+35.6%

Clearing and settlement: Fixed income and equityThousands

of €2Q 2007 2Q 2006 % 2007 2006 %

Revenues 27,399 15,336 78.7% 47,206 29,400 60.6%

Expenses (3,541) (3,154) 12.3% (6,823) (6,377) 7.0%

EBITDA 23,858 12,182 95.8% 40,383 23,023 75.4%

+61.6%

+12.3%

Settlement and custody were the second most important contributors to EBITDA growthin the first half

Fixed Income. Securities under custody grew 12.3% in the first half of the year

Equity. Sharp rise in turnover and the number of trades settled

2003 2004 2005 2006 1H06 1H07

commercial paper corporate bonds MBS ABS preferred securities

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Equity Equity marketmarket

Private Fixed IncomePrivate Fixed IncomeAIAF AIAF –– New ListingsNew Listings

227.8

328.2

411.8

+23.4%

M €508.2

Listing: Listing of shares and corporate debtThousands

of €2Q 2007 2Q 2006 % 2007 2006 %

Revenues 7,328 5,841 25.5% 14,840 11,922 24.5%

Expenses (2,623) (2,413) 8.7% (4,998) (4,820) 3.7%

EBITDA 4,705 3,428 37.3% 9,842 7,102 38.6%

322.8

245.4

+31.5%

> Market capitalisation at June 30 stood at 1,342,745 million euros (+42.9%)> 5 IPOs during the first half and 3 or 4 more in the pipeline for the coming months> 3,195 companies trade on MAB

> Volume of new listings rose 31.5%, boosted by corporate debt and securitisation bonds.

> The outstanding balance climbed 31.6% (to 675,996 thousand euros)

High volume of fixed-income and equity issues

0

10,000

20,000

30,000

40,000

50,000

60,000

2003 2004 2005 2006 1H06 1H07Fut. Ibex 35 Fut. M ini Ibex 35 Op. Ibex 35 Fut. Accs. Op. Accs.

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Derivatives

TurnoverTurnover by by underlyingunderlying assetasset

0

10,000

20,000

30,000

40,000

2003 2004 2005 2006 1H06 1H07

Index derivatives Equity derivatives

Thousandcontracts

+27.8%

TurnoverTurnover

Thousandcontracts +17.5%

-12.6 %-26.6 %

Thousands of €

2Q 2007 2Q 2006 % 2007 2006 %

Revenues 7,008 5,954 17.7% 13,784 12,013 14.7%

Expenses (2,453) (2,942) -16.6% (5,013) (5,779) -13.3%

EBITDA 4,555 3,012 51.2% 8,771 6,234 40.7%

> Trading in index derivatives surged 27.8% in the period, fuelled by record monthly volumes in June of futures on the IBEX 35®, the product that most contributed to revenues with 815,812 contracts

> Trading in share derivatives fell 26.6%, damped mainly by the decrease in the number of large operations. The impact on revenues was low

> Three-fold increase in communications capacity; introduction of new services for the electricity market

Solid performance based on revenue growth of more than 10% and cost control

118 127

25 28

1H06 1H07

VENDORS DIR. CONEX.

72.4111.7

54.8

63.5

1H06 1H07

LEVEL 2

LEVEL 1

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Market Sources Subscribers Market Sources Subscribers | | PrimaryPrimary SourcesSources ProvidersProviders

Thousand

InformationThousands

of €2Q 2007 2Q 2006 % 2007 2006 %

Revenues 8,367 6,253 33.8% 15,880 11,700 35.7%

Expenses (1,823) (1,789) 1.9% (3,700) (3,603) 2.7%

EBITDA 6,544 4,464 46.6% 12,180 8,097 50.4%

12.0 %

7.6 %

37.7 %

> The total number of subscribers to BME’s real-time information services rose 37.7% in the first half, from a year-earlier.

> Level 1: an increase of 54.2%

> Level 2: an increase of 15.8%

> A rise in the number of clients.

> Comprehensive content

> A new index: IBEX Top Dividendo®

The growing number of subscribers and content providers makes this a solid business with growing importance to the group

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IT & Consulting

Number of orders

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

10,000,000

2003 2004 2005 2006 1H06 1H07

+31.9%

+44.8%

Orders channeled through Visual TraderOrders channeled through Visual Trader

Thousands of €

2Q 2007 2Q 2006 % 2007 2006 %

Revenues 3,780 2,823 33.9% 6,752 5,940 13.7%

Expenses (1,932) (1,972) -2.0% (3,647) (3,747) -2.7%

EBITDA 1,848 851 117.2% 3,105 2,193 41.6%

> An increasing number of orders channelled through Visual Trader (see chart)

> Services for members and issuers

> BME competing in several international consulting projects

> Launch of the new BME Alternative service, designed to help clients deal with MiFID-related problems

The IT & Consulting unit seeks to amass greater know how and provide value-added services to BME clients

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Fixed Income: Corporate debt market showing solid growth

AIAF AIAF –– TurnoverTurnover

0

100

200

300

400

500

600

700

800

900

1,000

2003 2004 2005 2006 1H06 1H07

commercial paper corporate bonds MBS&ABS preferred securiries

+ 3.2%

+ 28.2 %

Billion €

Thousands of €

2Q 2007 2Q 2006 % 2007 2006 %

Revenues 1,530 1,527 0.2% 3,110 3,136 -0.8%

Expenses (857) (819) 4.6% (1,674) (1,607) 4.2%

EBITDA 673 708 -4.9% 1,436 1,529 -6.1%

> Intense competition in Public Debt, primarily in the OTC market

> An increase of 28.2% in the turnover of private fixed income

> Breakdown by product:

Corporate paper (+39.8%)

Simple bonds (+33.1%)

Securitisation bonds (+7.6%)

The fixed-income market helped diversify income sources

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Breakdown by Business Areas

€ Thousand 2007 2006 % 2007 2006 %

Equity 88,433 63,808 38.6% 71,742 47,113 52.3%

Settlement 47,206 29,400 60.6% 40,383 23,023 75.4%

Listing 14,840 11,922 24.5% 9,842 7,102 38.6%

Information 15,880 11,700 35.7% 12,180 8,097 50.4%

Derivatives 13,784 12,013 14.7% 8,771 6,234 40.7%

IT & Consulting 6,752 5,940 13.7% 3,105 2,193 41.6%

Fixed income 3,110 3,136 -0.8% 1,436 1,529 -6.1%

Consolidated 191,166 137,582 38.9% 145,283 91,894 58.1%

1H REVENUES 1H EBITDA

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Business Drivers

18

> A highly-liquid market, with the EMU’s leading blue-chip companies

> Mid-caps with a growing contribution to market turnover

> The centre of liquidity for trading in Spanish shares

> Cost efficiency and reliable technology developed in-house

> Dynamic product innovation

> A value-generating model: growing activity + quality management in every business unit + tough cost controls

> Spain’s dynamic financial markets

The keys to success:

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1 147.7 1.2 3.65%

2 133.0 1.1 3.04%

3 114.3 0.9 2.76%

4 100.3 0.8 2.95%

5 88.0 0.7 2.82%

6 85.6 0.7 2.77%

7 85.4 0.7 3.48%

8 83.7 0.7 3.83%

9 83.4 0.7 3.32%

10 81.7 0.6 0.80%

16 60.3 0.5 1.69%

27 40.0 0.3 0.99%

Highly liquid market Spanish blue chips enjoy the highest liquidity of stocks in the EMU

RK.RK. CompanyCompanyTOTAL 1H07TOTAL 1H07

TurnoverTurnover((billbill. . €€))

DailyDaily AvgAvg. 1H07. 1H07TurnoverTurnover((billbill. . €€))

RelativeRelative weightweight atatEuroStoxx50EuroStoxx50 (%)(%)(1)(1)

Source: Bloomberg(1) As at 30/06/07

20

81,196,6

122,0

194,4

288,9

209,3

18,4% 19,5% 19,2%22,9%

39,2%42,5%

2002 2003 2004 2005 2006 1H07

% of total shares traded

Mid and small market cap turnoverMid and small market cap turnover

Spanish market historical growth “Mid-caps” contribution to increasing turnover

Turnover, excluding top ten stocks (bill.€)

Spanish mid-caps invest abroad in increasing numbers and issue shares to finance non-organic growth-moves that fuel trading in their shares

21

Dynamic Product Strategy

> Exclusive licenses granted to BBVA Gestion for the launch of ETFs on the indices of the FTSE Latibex Top®, FTSE Latibex Brasil® and IBEX Top Dividendo®

> Exclusive license granted to Santander Asset Management for the launch of ETFs linked to the indices IBEX Medium Cap® and IBEX Small Cap®

> Introduction of turbo-warrants

Equities

> 3,195 SICAVs listed at end-June 2007> First venture capital fund listed> Broaden market to include high-growth companies (limited capitalisation)

Mercado Alternativo

Bursátil(MAB)

> Upcoming launch of the trading access system MEFF-X TRADER> Futures and options on shares of the EuroStoxx 50 ®

> New services for the electricity market Derivatives

IT & Consulting

> Began offering MiFID-related services > Introduced Visual Trader’s new Algorithmic SuperTrack trading system> Launched new continuity and contingency service> Undertook new training initiatives in Latin-America

Listing > Possible registry and listing of non-euro currency issues on the AIAF fixed-income market

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Financials

23

Balance Sheet

Thousands of € 2007 2006

Goodwill 80,619 80,619

Other non-current assets 66,754 66,068

Cash and cash equivalents 406,730 412,764

Non-Group current financial assets 5,073,834 3,174,473

Other current assets 91,816 74,964

Total assets 5,719,753 3,808,888

Equity 480,748 509,565

Non-current liabilities 9,552 11,753

Current liabilities 5,229,453 3,287,570

Total equity and liabilities 5,719,753 3,808,888

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P/L

Thousands of € 2Q 2007 2Q 2006 % 2007 2006 %

Revenues 98,272 67,515 45.6% 191,166 137,582 38.9%

Expenses (23,779) (23,603) 0.7% (45,883) (45,688) 0.4%

EBITDA 74,493 43,912 69.6% 145,283 91,894 58.1%

EBIT 72,600 42,390 71.3% 141,661 88,895 59.4%

Financial results 4,463 2,754 62.1% 8,568 5,138 66.8%

EBT 77,063 45,144 70.7% 150,229 94,033 59.8%

Net Profit 52,832 29,375 79.9% 102,977 61,980 66.1%

25

RevenuesRevenues EBITDA EBITDA

Revenues & EBITDA - Quarterly performance

58,339 58,481 58,13862,005

70,067 67,515 66,495

83,66892,894

98,272

Q-1 Q-2 Q-3 Q-42005 2006 2007

37,832 35,473 36,586 36,517

47,98243,912 43,237

56,220

70,79074,493

Q-1 Q-2 Q-3 Q-42005 2006 2007

26

Breakdown of EBITDA growth

91.9

24.6

17.42.7

4.1 2.5

- 0.1

0.9 1.2 145.2

Equity Clearing & Settlement

Listing Information Derivatives FixedIncome

IT &Consulting

Adjustm.1H 20071H 2006

27

ROE Evolution EBIT/Revenues Ratio Evolution

Cost/EBIT Ratio Evolution Consolidated Efficiency Ratio Evolution

Efficiency & Profitability

44.1%

23.1%

45.3%

25.2%

2Q/07 2Q/06 1H/07 1H/06

% R

OE

32.8%

55.7%

32.4%

51.4%

2Q/07 2Q/06 1H/07 1H/06

Cos

t/EB

IT

24.2%35.0%

24.0%33.2%

2Q/07 2Q/06 1H/07 1H/06

% E

ffic

ienc

y

73.9%62.8%

74.1%64.6%

2Q/07 2Q/06 1H/07 1H/06

% E

BIT/

Reve

nues

Q&A