1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

Share price on spanish continuous market (Euros € /share)
High

6.01

5.73

6.14

8.92

9.82

8.28

10.24

13.52

17.77

24.25

Low

3.97

4.03

4.16

5.22

6.93

6.96

7.95

9.83

11.42

14.33

31 st december

4.20

5.01

5.54

8.92

7.15

7.96

9.98

13.02

15.17

23.02

Share price on NYSE (US$/ADR)
High

10.08

9.04

10.25

10.29

11.58

11.42

13.04

15.17

19.17

24.25

Low

6.79

7.00

7.04

7.54

8.75

8.79

10.50

12.37

13.56

15.44

31 st december

7.08

8.33

8.00

10.29

9.08

10.96

12.71

14.19

18.21

23.25

Market capitalization (at 31st dec.. Million €)

3,777

4,508

4,985

8,024

6,437

7,167

8,979

11,720

13,649

27.348

PER (share price/profit per share)

9.3

10.7

11.5

16.7

11.1

10.1

12.6

15.5

15.6

23.73

Trading volume (shares traded. daily average)
Spanish continuos market

251,624

177,337

435,609

538,535

631,532

713,482

936,470

1,402,018

1,396,741

4,296,601

NYSE

162,283

120,596

134,757

303,420

285,545

484,476

356,746

245,505

159,654

250,474

Buenos Aires

--

--

--

--

--

--

--

--

--

8,568

Dividend per share
Euros

0.19

0.20

0.21

0.23

0.28

0.34

0.36

0.40

0.44

0.42

US dollars(price at time of
payment)

0.31

0.33

0.28

0.28

0.37

0.46

0.43

0.44

0.51

0.42

Pay-out

42.0%

42.3%

43.3%

43.1%

43.3%

43.6%

45.6%

47.6%

45.30%

49.30%

Dividend yield (at 31st dec.)

4.5%

4.0%

3.8%

2.6%

3.9%

4.3%

3.6%

3.1%

2.9%

1.8%

Ponderaci�n en el IBEX-35

0

0

10.83

10.23

9.02

8.5

7.92

6.91

5.88

9.41

Average number of share (millions)

300

300

300

300

300

300

300

300

300

1039

Face value (Euros per share)

3

3

3

3

3

3

3

3

3

1

ADR = American Depositary Receipt (1 ADR = 1 share)
Considered 900M shares in 1986 -1998. 1038M shares in 1999