*This obligations are imposed by the Dirección General del Tesoro y Política Financiera, who grants the category of "Creador de Mercado" (Market Maker).

1. To participate in the auctions of Letras del Tesoro.

2. To guarantee the liquidity of the secondary market of Letras del Tesoro by fulfilling the following obligations:

	The quotation obligations regarding Letras del Tesoro will be fulfilled when the quotations with the indicated maximum spreads and minimum volumes remain on the screen of the organised electronic trading system or systems determined by the General Directorate of the Treasury and Financial Policy on every working day —according to the calendar approved by the said General Directorate— during, at least, five hours between 8:30 and 17:15.
	In the meetings between the General Directorate of the Treasury and Financial Policy and the Market Makers, the Letras considered as market references (benchmarks) will be defined, as well as two additional baskets of Letras.
	Market Makers will be divided into two homogeneous groups, each one of which must quote all the Letras in the basket assigned to it. Every two months, the basket that must be quoted by each one of the groups of Market Makers will be changed.

The following conditions on maximum bid-ask spreads (expressed in basis points) and minimum quoted volumes (in millions of euros) must be observed when quoting:

Type of Bill	Spread	Volume
Benchmark	3	20
No Benchmark	4	10

To contribute the information that the Treasury may require on the Debt Market, in general, and on the market-making activity in this market, in particular.