SPANISH STOCK  MARKET REPORT
		[Spanish/Español]

QUOTES	MORNING NEWS REPORT
WEEKLY REPORTS & SPANISH MARKETS STRATEGY	SPANISH COMPANY REPORTS
SPANISH FINANCIAL MARKETS WEBS	INTERNATIONAL COMPANY REPORTS

This report has been prepared by BANESTO BOLSA, S.A., S.V.B.  and is provided for information purposes only.  BANESTO BOLSA, S.A., S.V.B. belongs to Grupo Banco Español de Crédito  (a BSCH Group bank),  whose affiliate company,  URBIS, S.A.,  is listed in the Spanish stock exchange. This document should not be considered an offer to sell or a solicitation of an offer to buy. Recipients of this report should base their decision to buy on the information available to the public on the related security and, where appropriate, should take into account the content of the related prospectus filed with the CNMV (Spanish National Securities Market Commission), which is available from the CNMV, the company governing the related market (Sociedad Rectora de la Bolsa) and the company issuing the security.

Banesto Bolsa, S.A., S.V.B. and other companies of the Grupo Banco Español de Crédito may have acted as global co-ordinators, co-lead managers or co-managers in offerings of the following companies: Sogecable, S.A, Repsol, S.A., Red Eléctrica, Deutsche Telekom, S.A., T.P.I., S.A., Ferrovial, S.A., Indra Sistemas, S.A., Endesa, S.A., Tabacalera, S.A., MIA, S.A., Argentaria, S.A., Aceralia, S.A., Iberpapel, S.A., Adolfo Domínguez, S.A., Telefónica, S.A., Telepizza, S.A., O.H.L., S.A., Terra Networks, S,A., BBVA, S.A., BSCH, S.A., Deutsche Telekom, A.G., PRISA, S.A., Zeltia, S.A., EADS, Recoletos Compañía Editorial, S.A.

All opinions and estimates contained herein constitute our judgement as at the date of this report and are subject to change without notice. Grupo Banco Español de Crédito, its affiliates and its offices and directors may, at any time, hold positions, or otherwise act as interested parties, in transactions in securities which are directly or indirectly the subject of this report.

The information contained herein has been compiled from sources believed to be reliable, but while reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the time of publication, we make no representation that it is accurate or complete, and it should not be relied upon as such.

The distribution of this report its restricted in U.S.A., and in any other jurisdiction where such distribution may be restricted by law.