Banco Pop Espano Reg (BPESF)

Banco Popular Español S.A., was incorporated on July 14, 1926. The Company is a banking group in Spain. Its business model focuses on the retail market, in which commercial banking and, in particular, corporate banking represents a large part of operating income. The Company's segments are Commercial Banking: this encompasses the activities conducted by the network of bank branches offices for typical lending transactions, fund-raising, acceptance of off-balance sheet risks and the supply of financial services of all kinds, including factoring and renting. In addition, it has been assigned the goodwill associated with commercial banking; Asset and Insurance Management: this comprises asset management activities and the administration of collective investment institutions (management of investment funds , portfolios and pension funds) and the activities conducted in life and general insurance by the Portuguese entities Popular de Seguros, S.A. and Eurovida, S.A, as well as the insurance operations carried out in Spain through Allianz Popular, S.L. in which the Group has a 40% interest; Real estate: this comprises the activities of the Group's real estate companies and the real estate activities of the Group's banks, which are managed on an integrated basis to allow for the orderly disposal of real estate assets; and Institutional and Market: the institutional and market area reflects the other activities performed, including notably asset and liability transactions with credit institutions, the trading portfolios of the banking entities, available-for-sale financial assets, asset and liability hedging derivatives, held-to-maturity investment portfolio and investments, asset and liability balances arising from pensions, raising of funds in wholesale markets by issues of Euronotes, subordinated debt and capital having the nature of a financial liability and convertible instruments.